Posted By: hope this helps on 2007-12-30

When you are an IC, you tell the company who contracts with you how much work you can provide. It is no different than any other contractor who tells you they will do something for so much money. If they do not perform what is promised, you will probably not rehire them. Same thing goes for IC's. You can be let go for not keeping your end of the bargain.

There are great tax benefits for being an IC, but I strongly recommend you seek the assistance of a professional CPA for this come tax time.