anyone here self-employed?

[nbpgt]

& not flippin on the side.. like a job in your chosen field, above the table, payin your own taxes type of gig?
i may have an opportunity to break away from the corporate monster & do my own thing. work from home on my own time, build contacts, do my work on my time, etc.

question is, was it difficult getting things registered & off the ground. getting lawyers & or cpa's to figure out when/where & how you pay the big man (taxes) & all the other non exciting legal mumbo jumbo. along with what & how much you can claim as a business expense on taxes & such.

[Morgan]

Probabaly different in the US, but so long as your resonablly inteligent and do your research and keep on top of your paperwork then it's cool. you can claim tax relief on all sorts of different things :wink:

[nbpgt]

Re: anyone here self-employed?

everyone working for the man?
to the top for the work week

[picklemonkey]

I did consulting work for a business for a year; paid my own taxes, have my own Employer Identification Number...but have never been "self employed."

[eye-p]

Re: anyone here self-employed?

Its a fairly simple process really. I set up a small business to do consulting with.

Obtain a ficticious business license. You can speak to the Dept of Commerce where you live- they will point you in the right direction. You can start working for yourself without a business license, but have an official business is the way to go. You will need to determine whether you want to incorporate, or be a sole proprietor.

I pay my taxes as 1099SE. This allows me to write off almost everything I spend as a legitimate business expense. Since I use a bedroom in my house as my office, and another bedroom as my lab, I write off a portion of my mortgage and utilities.

What else do you need to know?

[thesightless]

Re: anyone here self-employed?

check your PM's. there is more to it than you think.

[Jenks]

Re: anyone here self-employed?

I pay my taxes as 1099SE. This allows me to write off almost everything I spend as a legitimate business expense. Since I use a bedroom in my house as my office, and another bedroom as my lab, I write off a portion of my mortgage and utilities.

Same here. Mortgage, utilities, cell phone, car lease (operating expense), medical, vacations, meals, etc. I'm to the point now when I make a major purchase, before i buy i try to figure out if can write it off or not.

Working for yourself is the only way to go imo.

The tax deductions alone are amazing. You would all be sick if you knew how little the self employed pay in taxes. I have a CPA run the books, as trying to do everything by yourself with a corporation is a clusterfuck, not to mention with that many deductions it raises a red flag with the IRS. So it's worth the $$ to have your books professionally done.

[Jenks]

Re: anyone here self-employed?

Hey Sightless,

if it wasn't a personal message, just some guidlines or something, could you forward me the pm you sent to nbpgt? I've been self employed since graduating college in 97, i'd be curious to see what you are saying about it, coming from a tax lawyer like yourself.

[asdf_admin]

Re: anyone here self-employed?

I kinda am. When people pay me.

It is a crazy world when you are self employed and own your own bizz. I good friend of mine is a CPA paper pusher. He always knows a trick to give Uncle Sam a buck or two less. Good guy.

[thesightless]

Re: anyone here self-employed?

sent

[Jenks]

Re: anyone here self-employed?

That's some solid advice.

[asdf_admin]

Re: anyone here self-employed?

can I get one please.

[thesightless]

Re: anyone here self-employed?

i just realized by sending those two PM's i just gave away about 600 bucks in fees.

[Jenks]

Re: anyone here self-employed?



except i wouldn't have paid you for that information, as i'm already doing 99% of what you said.

[asdf_admin]

Re: anyone here self-employed?

np. i just wanted to learn a little more.