- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 6/23/22 at 12:40 pm to Hold That Tiger 10
one of the beauties of self employment is that things you otherwise could not deduct are now possibly deductible. be creative
Posted on 6/23/22 at 12:40 pm to Hold That Tiger 10
quote:
I can jump on my wife
Get in line.
Posted on 6/23/22 at 12:41 pm to saderade
quote:
What do you do now? How much do you make and what are your benefits? Hard to answer your question unless we know what your current situation is.
I work for a municipality at a water treatment facility. The money is not great, but the benefits/retirement are.
Almost any job I take would be a step back in the benefits department, so I would have to offset that cost.
I'm only 1/3 of the way towards retirement, so that's not really a deciding factor for me.
Posted on 6/23/22 at 12:41 pm to Hold That Tiger 10
I became a 1099 contractor a few years ago. It was a big leap for me as well as I had been with the same company for 17 years. It has worked out great though as I enjoy the work and make a whole lot more money now. But I’m also paid hourly. Straight commission is a little more risky. Especially if we’re headed for a recession.
Posted on 6/23/22 at 12:41 pm to Hold That Tiger 10
You will now have to do quarterly income tax payments to the IRS. This will take some diligence on your behalf and isn't always easy if you are on a commission basis. What happens if its a slow quarter on commissions yet you now have a quarterly payment due?
Posted on 6/23/22 at 12:41 pm to Hold That Tiger 10
Be sure you have access to the financials and can verify that you are indeed getting 1/2 the profits. You want to be sure you do this prior to accepting the job and after. He might pad expenses to lower income/profits and pay you less. Know up front what should be allowable expenses and unallowable. You don’t want him paying his country club dues out of your profits.
Posted on 6/23/22 at 12:42 pm to Hold That Tiger 10
I worked 1099 as a contractor for years. You have to be dedicated to keeping up with your taxes. As another poster said, you are able to write off a number of items which helps. The big one for me would be the health insurance for the kids. My wife has excellent benefits, so it wasn’t a big deal for me.
Posted on 6/23/22 at 12:45 pm to LSUBogeyMan
quote:
My wife has excellent benefits, so it wasn’t a big deal for me.
My wife probably has better insurance than I do. The thing is, on my insurance it is free for me, then $150 per month for my kids and her (she uses mine as a secondary). It stays at $150 no matter how many more kids we would have.
For me and the two kids to get on hers she would go from $22 per check to nearly $500
Posted on 6/23/22 at 12:46 pm to Hold That Tiger 10
I would not take on that situation.
Posted on 6/23/22 at 12:52 pm to Doctor Strangelove
Figure out a way to do a reference check on your employer. Use Glassdoor or call around and find out what past employees thought of this company? Also, what happened to the guy that had the job before you? Do some digging. By all means make sure you understand how they define profit and your split. Put it in paper and have them sign it. If all is above board go for it. If a roofing company treats you honestly I might be shocked but it might happen.
Posted on 6/23/22 at 12:53 pm to TDsngumbo
quote:
You only get to keep around 58% of your income
Your CPA sucks
Im paying about 28%
Posted on 6/23/22 at 12:53 pm to Doctor Strangelove
quote:
Also, what happened to the guy that had the job before you
They are looking to expand. They are currently at 8 salesman and want to add a few more.
Posted on 6/23/22 at 12:57 pm to Hold That Tiger 10
Horrible idea you gonna get burned prolly unless big hurricanes or something come through. More times than not what sounds to good to be true especially in 1099 sales jobs is too good to be true.
They gonna churn and burn you.
You know that antique tiger guy... Imagine if he said I'll give you 50 percent of the profit if you go antiquing all around town and then give your stuff to me to sell on my eBay site.
Free money to him. That is often how these gigs work.
They gonna churn and burn you.
You know that antique tiger guy... Imagine if he said I'll give you 50 percent of the profit if you go antiquing all around town and then give your stuff to me to sell on my eBay site.
Free money to him. That is often how these gigs work.
Posted on 6/23/22 at 1:01 pm to Hold That Tiger 10
How big a baw are you? You will have to spend some time on some steep roofs
Posted on 6/23/22 at 1:03 pm to Hold That Tiger 10
Just make sure to include self-employment taxes in your quarterly tax payments
Posted on 6/23/22 at 1:04 pm to weadjust
quote:
How big a baw are you? You will have to spend some time on some steep roofs
I would have no trouble climbing on a roof.
Posted on 6/23/22 at 1:04 pm to Hold That Tiger 10
Tax planning is imperative. You will pay self-employment tax on the net profit, income less expenses, if you expect to net $100K +, form an LLC and elect S-Corp status. Make sure the income is paid to the business. Put yourself on payroll.
Self-employment can be incredibly rewarding, but it takes planning it make it really lucrative.
Self-employment can be incredibly rewarding, but it takes planning it make it really lucrative.
Posted on 6/23/22 at 1:06 pm to Hold That Tiger 10
quote:
For me and the two kids to get on hers she would go from $22 per check to nearly $500
God damn
Posted on 6/23/22 at 1:10 pm to Abstract Queso Dip
quote:
You know that antique tiger guy... Imagine if he said I'll give you 50 percent of the profit if you go antiquing all around town and then give your stuff to me to sell on my eBay site
I fail to see how this is much different than nearly every job. You are working to make somebody else money, and they are paying you for doing it.
Page 2 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News