Talk to a CPA because taxes are played on a different field with 1099 ICs

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Jul 10, 2019
3:56:35pm

reagan21 All-American

This message has been modified

Originally posted on Jul 10, 2019 at 3:56:35pm

Message modified by reagan21 on Jul 10, 2019 at 3:56:48pm

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reagan21

Bio page: reagan21
Joined: Feb 4, 2010
Last login: May 4, 2024
Total posts: 13,320 (4 FO)

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Messages

Author

Time

Questions for Independent contractors...

JOPE Amazing human, skilled lover

7/10/19 3:51pm

She might not have anything to play for come November. No true rivalries. MWC...

TPcoug

7/10/19 3:54pm

Talk to a CPA because taxes are played on a different field with 1099 ICs

reagan21

7/10/19 3:56pm

Her tax burden is going to grow significantly, so take that into consideration.

vegasnative

7/10/19 3:57pm

By about 7.5%. If there is enough income, she should consider forming an entity and electing S corp status. Might

Supercoug

7/10/19 4:00pm

She'll have to pay self employment tax which is twice the Fed 7.6 or whatever it

relic

7/10/19 4:20pm

right, so only the additional ~7+.

Supercoug

7/10/19 4:26pm

I was only under the impression that S corp was only good if your take was

AggieWeekendCougar

7/10/19 5:17pm

You're right. I'm just saying that overall impact may be reversed when working one against the other.

Supercoug

7/10/19 5:20pm

Plan ahead on taxes with a tax consultant that knows what they are doing.

Lance71

7/10/19 5:03pm

Right ... however as a self employed person with a good tax

relic

7/10/19 4:33pm

Rates for independent contractors sound good, but understand the true cost

webster242

7/10/19 5:55pm

Not sure what she is doing or who she would be doing it for but

CougaRR4L

7/10/19 11:23pm

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