Self Employeed? (Full Version)

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sharonjef2007 -> Self Employeed? (6/8/2008 9:21:59 PM)

Ok, so I may have the opportunity to work from home, for an organization back at home in Maryland. In this, I will probably be looking at working as a 1099 (independent contractor).

If that happens, I will be on my future husbands insurance, so I won't have to worry about that. What I have no clue about would be how to go about the account part or deal with taxes and business write-offs and such.

Does anyone have any recomendations of resources I can check out to learn more about this? I know I would need to find a good accountant and will have to keep good records to file and pay taxes quarterly. But that is about it.

Help me!!!!!



NoShow -> RE: Self Employeed? (6/9/2008 9:51:32 AM)

Best thing to do is, as you said, find a good accountant. At least to get you started.

The Income side is probably pretty set, so you're bigger focus will be on the Expense side. Go to the Internal Revenue Services website (irs.gov) and get Publications 535 which covers Business Expenses.



APZR -> RE: Self Employeed? (6/9/2008 11:17:49 AM)

You need to buy Quickbooks, and have your CPA help you set it up. I am incorporated as a C corp, me being the CEO and my wife as CFO. My business pays me rent for my office, pays for the phone/DSL, reimburses me for millage at the current IRS rate, and I have my own medical reimbursement plan for expenses not paid by insurance. After all of the reimbursements, then I cut myself a paycheck. BTW, C Corps are required to have stockholder meetings... but they don't tell you where they have to be held. [;)] This past year, we had our meeting in Orlando (Disney), this year it'll be in New York. [;)]



trainfan -> RE: Self Employeed? (6/9/2008 12:50:27 PM)

SBA.gov has a lot of information that may be useful for you.



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