Re: Self-employed consultant questions -- CONSULT400

I can't recommend ADP enough. They do your monthly payroll in addition to
paying the necessary taxes plus they do quarterly tax filings. It's all
very seamless. Hire an excellent accountant to do the yearly work and
you're all set.
Kim
Sent from my iPhone by IBM Notes Traveler
> On Mar 8, 2016, at 9:09 AM, Steven Keil <skeil@xxxxxxxxxxxx> wrote:
>
> Steve is right. I've been consulting since 1994. Here are a few more
> things to ponder. Some may be unneeded since you've done w2 consulting.
>
> Be careful if your client assigns you start and end times. Even if you
> bill hourly, the level of control the exert can push you over the
employee
> line. Guidelines/requests are fine.
>
> Track expenses carefully and get a good accountant/CPA to plan this out.
> Also get another credit card and use it only for business expenses. It
> makes record keeping easier, especially when traveling.
>
> I have a payroll service for about 35-40 per month to handle IRS, state
and
> local payroll/withholding. The smaller governments will want their
pound
> of flesh too.
>
> I have multiple clients so my home is my office and I have older cars so
> the per mile is a better deal for me than depreciation and tracking the
> expenses. I have multiple clients so my home is my office.
>
> Your computers for work and other supplies are also deductible.
>
> This list is pretty good but dated
> [1]http://www.alternatives.org/pdf/2013_sched_c_worksheet.pdf
> SK
>
>> On Tuesday, March 8, 2016, Steve Richter <stephenrichter@xxxxxxxxx>
wrote:
>>
>> you can deduct your travel to the work site. Esp if you have to stay at
a
>> hotel during the week. If you take on a 2nd contracting job, even for
>> minimal time, you are able to justify some sort of home office. Where
the
>> importance is not so much what you deduct for that space. But that you
>> commute to the office ( not deductible ) and then travel to the work
site.
>> The more you act and look like a business the less IRS will notice or
>> bother you. You establish an LLC, get paid thru the LLC and the LLC
has a
>> checking account. The LLC does not file a tax return. You file a self
>> employed return. You pay a tax accountant $400 to do your return. That
>> means the accountant is signing off on your return. If you file
quarterly
>> returns the IRS will love you, pay no attention to you and most
important
>> you do not fall behind on what you owe to the Feds.
>>
>>
>> On Mon, Mar 7, 2016 at 11:06 PM, Dan <dan27649@xxxxxxxxx
<[2]javascript:;>>
>> wrote:
>>
>>> I am being considered for a long term contract as a 1099-MISC
independent
>>> contractor. I.e., non-W2. I've been out of independent contracting
for
>>> over 20 years, so I'm a little rusty on the ins and outs. (Note that
I
>>> have recent experience as a W2 contractor with no benes, so I'm
familiar
>>> with the contracting side of the business.)
>>>
>>> Right off the bat, I know the IRS wants to hit me with the
>> self-employment
>>> tax, the normal 7.65% FICA rate doubled to 15.3% for self-employed.
>>>
>>> This position is 2 hours from my permanent residence, so I will incur
>>> additional housing costs. As an independent, I understand that I can
>>> deduct certain items from my self-employment income. Does anyone have
a
>>> good resource that helps self-employed contractors identify tax
>> deductions?
>>>
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>
> --
> Steven Keil
> CISSP, CEH, CCNA, CHFI
> Aaron & Hur, Inc. 614-877-6900 www.aaronhur.com
> --
> This is the Consulting on the IBM i (AS/400 and iSeries) (Consult400)
mailing list
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