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Do some research
Posted by Dick in Falls Church [Email] (more from Dick in Falls Church) on Mon, 17 Sep 2007 13:18:47
In Reply to: OT: going to contracting on 1099....any advise?, Tarheel, Mon, 17 Sep 2007 12:50:18
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There are some very decent guides available. If you are primarily going to be working from home, you'll be able to write off considerable car expenses. Most likely, you'll be using the mileage rate. Get a notebook, and start logging in every business mile.
If it is a "home business", you could do worse than picking up a set of tapes or cds by Sandy Botkin. He is a lawyer, specializing in taxes. He worked for the IRS, and now has his own business. I found some tapes on ebay for about $25. Yep, they were a couple years old, but most of the basics are still there.
And keep in mind that you'll also be subject to self-employment taxes. Close to an extra 15%. And, as pointed out, quarterly tax payments, both Federal and state (if you live in a state with income tax)
posted by 70.108.233...
Posts in this Thread:
- OT: going to contracting on 1099....any advise?, Tarheel, Mon, 17 Sep 2007 12:50:18
- Re: OT: going to contracting on 1099....any advise?, Ari , Tue, 18 Sep 2007 11:30:54
- Do some research, Dick in Falls Church, Mon, 17 Sep 2007 13:18:47 <-- Viewing This Message
- Re: OT: going to contracting on 1099....any advise?, Justin VanAbrahams , Mon, 17 Sep 2007 13:03:42
- There is a 1099 forum on craig's listt. doot coom, Chaz, Mon, 17 Sep 2007 13:01:21
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