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Sole Proprietorship Questions
Posted on 5/4/23 at 8:32 pm
Posted on 5/4/23 at 8:32 pm
Hey guys, I’m going to be working part-time with a company (separate from my full-time work) and I’m wondering what (if anything) I can do to write-off some of my work related expenses.
There will be some up-front costs (purchasing a computer, desk, misc. office related items) and I’ll be paying a yearly CAD subscription.
I’m assuming that I’ll be working as a self proprietorship (any work I do will be reviewed and approved by others) and not an LLC? Can I apply for a business credit card as a self proprietorship?
We don’t have an “office” where we live so it’s my understanding that I can’t write off things like mortgage, electric or internet (or can I?)
Anyway, outside of the questions I asked, I’m looking for any tips, or things I may need to do/look into. It’s my first time getting into the part-time world.
There will be some up-front costs (purchasing a computer, desk, misc. office related items) and I’ll be paying a yearly CAD subscription.
I’m assuming that I’ll be working as a self proprietorship (any work I do will be reviewed and approved by others) and not an LLC? Can I apply for a business credit card as a self proprietorship?
We don’t have an “office” where we live so it’s my understanding that I can’t write off things like mortgage, electric or internet (or can I?)
Anyway, outside of the questions I asked, I’m looking for any tips, or things I may need to do/look into. It’s my first time getting into the part-time world.
1
Posted on 5/4/23 at 8:47 pm to TheJunction
Pretty much all of the above. If finance and taxes aren’t your stronghold, I’d def recommend getting a CPA to guide you through the first few years.
You can file it under your schedule c of your personal tax returns. Keep track of all the expenses and write that shite off.
You can set up an llc and get its own EIN number and still file under your schedule c. If you’re just getting paid part time by a company and aren’t selling anything or doing true consulting etc etc then I probably wouldn’t worry about it.
I would get a separate credit card and checking account to run all the income and expenses through just to keep it clean. You can also pay like $10 a month and get a quicken online account.
You can file it under your schedule c of your personal tax returns. Keep track of all the expenses and write that shite off.
You can set up an llc and get its own EIN number and still file under your schedule c. If you’re just getting paid part time by a company and aren’t selling anything or doing true consulting etc etc then I probably wouldn’t worry about it.
I would get a separate credit card and checking account to run all the income and expenses through just to keep it clean. You can also pay like $10 a month and get a quicken online account.
Posted on 5/4/23 at 9:17 pm to Im4datigers
Nope, not selling anything or doing consulting. It’ll be a standard w-2 like part-time job (outside of purchasing the computer and the monthly subscription). On the subscription - the company is reimbursing me for that. Will that mean I can’t write it off? Assuming that it does..
Posted on 5/4/23 at 9:39 pm to TheJunction
If you're getting paid w2 on the part time work then you are just that...no sole prop etc. And you're ability to write off anything will be pretty limited.
You can certainly ask your part time job if you can be paid as a 1099 so you can deduct expenses but you'll have to pay the SE tax etc. So you need to make sure the numbers work out in your favor.
You can certainly ask your part time job if you can be paid as a 1099 so you can deduct expenses but you'll have to pay the SE tax etc. So you need to make sure the numbers work out in your favor.
Posted on 5/4/23 at 11:28 pm to TheJunction
quote:
It’ll be a standard w-2
Expenses are a no-go then.
Posted on 5/5/23 at 7:37 am to BallsEleven
Yep disregard my last statement. If w-2 then all that’s a no-go.
And no you can’t write off the subscription if they are paying for it. That deserves a come on man comment lol
And no you can’t write off the subscription if they are paying for it. That deserves a come on man comment lol
Posted on 5/5/23 at 7:59 am to Im4datigers
Didn’t hurt to ask haha.. & I shouldnt have said w-2, I really don’t know how I’ll be classified. It’s strictly part-time, no benefits. Does mean 1099 or does it depend? Should I ask that it be 1099?
Posted on 5/5/23 at 8:02 am to TheJunction
If the subscription is being taken care of than really the only costs I’ll be left with is the computer and possibly a chair and desk. Unless I could also deduct a portion of our bills. There won’t be any traveling.
Posted on 5/5/23 at 8:07 am to TheJunction
You need to find out if you are W2 or 1099. You are probably 1099 if it’s part time since it’s cheaper for the company.
This post was edited on 5/5/23 at 8:08 am
Posted on 5/5/23 at 12:47 pm to TheJunction
quote:
I really don’t know how I’ll be classified.
Are they taking out payroll taxes?
Posted on 5/5/23 at 12:52 pm to BallsEleven
.
This post was edited on 5/5/23 at 12:55 pm
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