LadyNeptune
@LadyNeptune
10 Years25,000+ Posts
Comments: 11076 · Posts: 35718 · Topics: 110
1099 and deductibles
Yes. That's my job. You don't need a business license to take deductions. Just file your taxes as a sole proprietor.
I'm guessing that he advised you to get the business license so you can make purchases under your business name.
I'm guessing that he advised you to get the business license so you can make purchases under your business name.
I'm in NY so I am speaking for federal taxes and NY state.
Posted by febyI like LLC the best. He said I also have the option of doing a private or corporation. Do you happen to know the advantages/disadvantages between these options?
you mean to register an LLC for yourself with your state? In NJ I believe you need to be an llc etc in order to claim independent contractor...
I wouldn't recommend incorporating unless you are making millions. An LLC is a great way to keep your business separate from your personal assets. For example, if someone sues your business, they can't touch your house.
A single owner LLC can also elect to file a schedule c so your taxes can still be simple.
You still have to pay taxes on your profits including fica.
A single owner LLC can also elect to file a schedule c so your taxes can still be simple.
You still have to pay taxes on your profits including fica.
Posted by Deedee86Yes he advised me to open a bank account under my buisness name so that electronically all purchases/proof are in one place.
Yes. That's my job. You don't need a business license to take deductions. Just file your taxes as a sole proprietor.
I'm guessing that he advised you to get the business license so you can make purchases under your business name.
Personally, I just run my business as a sole proprietorship but I'm considering opening a franchise location in another city next year. If I do that, I will probably file an LLC
He said right now I can only deduct around 1/3rd of my rent but under a registered buisness I could deduct 50% +.
Posted by LadyNeptunePosted by Deedee86Yes he advised me to open a bank account under my buisness name so that electronically all purchases are in one place.
Yes. That's my job. You don't need a business license to take deductions. Just file your taxes as a sole proprietor.
I'm guessing that he advised you to get the business license so you can make purchases under your business name.click to expand
It makes sense but it's not necessary.
If I earn over 120k I'll owe the city $ $ $ , but as long as it's under that amount there's no charge/fees
Posted by LadyNeptune
He said right now I can only deduct around 1/3rd of my rent but under a registered buisness I could deduct 50% +.
You would have to divide business and personal time and deduct the percentage.
Home office is based on square footage, not time.
Posted by Deedee86That's good to know as I'm in the process of looking to move. So more sf more better.Posted by LadyNeptune
He said right now I can only deduct around 1/3rd of my rent but under a registered buisness I could deduct 50% +.
You would have to divide business and personal time and deduct the percentage.
Home office is based on square footage, not time.
click to expand
Posted by febyYes, exactly. He's advising me to get that independent contractor status.
you mean to register an LLC for yourself with your state? In NJ I believe you need to be an llc etc in order to claim independent contractor...
Posted by Deedee86I'm in Los Angeles
I'm in NY so I am speaking for federal taxes and NY state.
Posted by febyMy sister has an LLC and so I'm somewhat familiar as she's explained it to me. Not quite sure what the differences are between private and corporation and LLC.Posted by LadyNeptuneI have done an LLC in the past and currently have one for my side business. It's the way I would proceed because I don't want to be liable.Posted by febyI like LLC the best. He said I also have the option of doing a private or corporation. Do you happen to know the advantages/disadvantages between these options?
you mean to register an LLC for yourself with your state? In NJ I believe you need to be an llc etc in order to claim independent contractor...
click to expand
Posted by LadyNeptunePosted by Deedee86I'm in Los Angeles
I'm in NY so I am speaking for federal taxes and NY state.click to expand
Independent contractor is anyone that gets paid with 1099's
Employers are the ones that have to prove employee or contractor because a lot of them try to get out of paying comp
Posted by Deedee86So is it more to the employers benifit to have the employee prove that independent contractor status?Posted by LadyNeptunePosted by Deedee86I'm in Los Angeles
I'm in NY so I am speaking for federal taxes and NY state.
Independent contractor is anyone that gets paid with 1099's
Employers are the ones that have to prove employee or contractor because a lot of them try to get out of paying comp
click to expand
Cause this advice I got was from our accountant at work...
Posted by LadyNeptunePosted by Deedee86So is it more to the employers benifit to have the employee prove that independent contractor status?Posted by LadyNeptunePosted by Deedee86I'm in Los Angeles
I'm in NY so I am speaking for federal taxes and NY state.
Independent contractor is anyone that gets paid with 1099's
Employers are the ones that have to prove employee or contractor because a lot of them try to get out of paying comp
click to expand
If you are an employee the employer has to pay half your fica taxes plus unemployment and comp. They benefit by hiring you as an independent contractor because it saves them that expense. A lot of large companies get audited and have to prove they are not actually employees. There are some rules.
Posted by Deedee86Interesting.Posted by LadyNeptunePosted by Deedee86So is it more to the employers benifit to have the employee prove that independent contractor status?Posted by LadyNeptunePosted by Deedee86I'm in Los Angeles
I'm in NY so I am speaking for federal taxes and NY state.
Independent contractor is anyone that gets paid with 1099's
Employers are the ones that have to prove employee or contractor because a lot of them try to get out of paying comp
If you are an employee the employer has to pay half your fica taxes plus unemployment and comp. They benefit by hiring you as an independent contractor because it saves them that expense. A lot of large companies get audited and have to prove they are not actually employees. There are some rules.
click to expand
So right now my employer is paying me $ 2500 through the payroll as my salary, the rest is on the 1099. Does this change any of what you explained above?
Btw we are a tiny company. There's only 4 people.
This guide is pretty much the same in every state.
If the company 1099's you, they have classified you as an independent contractor.
http://www.nfib.com/Portals/0/PDF/AllUsers/legal/guides/independent-contractors-guide-nfib.pdf
If the company 1099's you, they have classified you as an independent contractor.
http://www.nfib.com/Portals/0/PDF/AllUsers/legal/guides/independent-contractors-guide-nfib.pdf
I see some companies pay reimbursements and bonuses on 1099 because it was separate from their actual job.
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