Anyone ever do consulting? - Democratic Underground

midnight armadillo

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Wed Sep-05-07 10:14 PM
Original message

Anyone ever do consulting?

I just landed a nice-paying part time, telecommuting programming gig. I've never worked as a consultant before, how does one handle taxes?

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Stand and Fight

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Fri Dec-07-07 03:19 PM
Response to Original message

1. IRS Form 1099

You're considered an independent contractor.

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Vincardog

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Sun Jan-06-08 05:20 PM
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2. GEt yourself to a CPA ASAP.

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Marnieworld

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Wed Jan-23-08 01:57 PM
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3. the hardest thing about it is being disciplined with your taxes

You need to, after visiting a CPA like others said, determine exactly how much you need to pay quarterly and commit to paying it. It is an enormous temptation to spend money that should be used for taxes promising yourself that you'll catch up later. 1099 also pay more because no one is contributing to your taxes at all.

Other than that you cannot beat telecommuting. Good for you! :toast:

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Sun Dec 22nd 2024, 08:47 AM
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