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re: Switching to a 1099 job. Good or bad idea?
Posted on 6/23/22 at 2:15 pm to Purplehaze
Posted on 6/23/22 at 2:15 pm to Purplehaze
I am 1099, then I also am on my payroll for tax purposes as well.
My CPA handles all of that for me as far as bookkeeping and tax filings. However, you are not required to pay quarterly It makes it easier and reduces your potential burden once taxes are filed, but I've never paid quarterly in 4 years. there's a very small fee for not doing so, I think in 2021 it was 125.
My CPA handles all of that for me as far as bookkeeping and tax filings. However, you are not required to pay quarterly It makes it easier and reduces your potential burden once taxes are filed, but I've never paid quarterly in 4 years. there's a very small fee for not doing so, I think in 2021 it was 125.
1
Posted on 6/23/22 at 2:17 pm to DCtiger1
quote:
you are not required to pay quarterly It makes it easier and reduces your potential burden once taxes are filed, but I've never paid quarterly in 4 years.
I guess CPAs are like lawyers, everyone has their own interpretation and it's all good, until you get audited or go to court
Posted on 6/23/22 at 2:30 pm to Hold That Tiger 10
quote:
Water Treatment does not equal wastewater. I do nothing with wastewater.
Posted on 6/23/22 at 2:31 pm to 777Tiger
I'm not letting the IRS borrow my money interest free. They will get it when I file my yearly income taxes.
Posted on 6/23/22 at 2:33 pm to Hold That Tiger 10
See if you can get phone numbers to a few of the other salesmen and call them.
Posted on 6/23/22 at 2:47 pm to DCtiger1
quote:
I'm not letting the IRS borrow my money interest free. They will get it when I file my yearly income taxes.
You don't get to decide whether you owe quarterly payments or not.
Im guessing your actually an employee paid on commission from your posts, which is why you don't owe estimated payments
Posted on 6/23/22 at 2:56 pm to Hold That Tiger 10
I chased a storm once for roofing sales, Minnesota sometime around 2008. It sucked arse. MN was kinda cool though.
Can you spend an afternoon riding along with one of the current sales guys...go on appts with him?
I have sales people working for me. They're not 1099 though. This is advertising sales and they bust their asses. Sales is not an easy job or an easy skill. For every rep that succeeds and stays employed probably 10 or more get fired shortly after getting hired. Maybe more like 20.
Can you spend an afternoon riding along with one of the current sales guys...go on appts with him?
I have sales people working for me. They're not 1099 though. This is advertising sales and they bust their asses. Sales is not an easy job or an easy skill. For every rep that succeeds and stays employed probably 10 or more get fired shortly after getting hired. Maybe more like 20.
Posted on 6/23/22 at 3:08 pm to Mingo Was His NameO
quote:
You don't get to decide whether you owe quarterly payments or not. Im guessing your actually an employee paid on commission from your posts, which is why you don't owe estimated payments
And you’d be wrong boss, feel free to look up my S-corp.
Quarterly’s are estimated taxes, and for the last three tax years I’ve done one payment at filing.
There is a penalty for not paying quarterly, but it’s insignificant.
This post was edited on 6/23/22 at 3:09 pm
Posted on 6/23/22 at 3:09 pm to DCtiger1
quote:
There is a penalty for not paying quarterly, but it’s insignificant.
Well that depends on how much you owe.
Posted on 6/23/22 at 3:44 pm to Mingo Was His NameO
from my IRS Account Transcript for 2021:
That's with a payment of $20,082 to the IRS, which is in addition to the W-2 taxes I paid through payroll.
quote:
Penalty for not Pre-paying tax: $350
That's with a payment of $20,082 to the IRS, which is in addition to the W-2 taxes I paid through payroll.
Posted on 6/23/22 at 3:45 pm to DCtiger1
quote:
That's with a payment of $20,082 to the IRS, which is in addition to the W-2 taxes I paid through payroll.
As I expected, you are having w-2 wages withheld which is offsetting a lot of your penalty
Posted on 6/23/22 at 4:13 pm to Mingo Was His NameO
Almost every business owner I know is on their own payroll. If you don't have any employees and are 1099 that's a different story.
And that's not what you expected. You straight up said I'm a w-2 employee that makes commission.
And that's not what you expected. You straight up said I'm a w-2 employee that makes commission.
Posted on 6/23/22 at 4:14 pm to DCtiger1
quote:
And that's not what you expected. You straight up said I'm a w-2 employee that makes commission.
This is a weird try to gotcha game.
Posted on 6/23/22 at 4:14 pm to HTOWNTIGER1
quote:
They are looking to expand. They are currently at 8 salesman and want to add a few more.
This is bad news as well. They will throw as many salespeople out there as they can because it doesn't cost the company anything, but they will get the profits from all of the new people they hired.
Maybe they’ll let him recruit and hire the salesmen and then he gets 25% of their profit. Let’s call it a down line or something. And then they go and find 8 people as well…
Posted on 6/23/22 at 4:31 pm to Mingo Was His NameO
quote:
Im guessing your actually an employee paid on commission from your posts, which is why you don't owe estimated payments
What you said=false
and I also like fricking with you because you're a try hard douche bag that plays the contrarian at all times. If you're ever in PCB stop by fitness junky and I'll give you some real workout tips.
Posted on 6/23/22 at 4:58 pm to Hold That Tiger 10
Set up a separate savings account and start from the get go taking out your estimated % owed and park it there. Do. Not. Touch. It.
Pay at least one estimated payment during the year and you should avoid a fee for waiting to pay it all come tax time.
Pay at least one estimated payment during the year and you should avoid a fee for waiting to pay it all come tax time.
Posted on 6/23/22 at 5:07 pm to Hold That Tiger 10
quote:
100% commission
Every job should be 100% commission. the world would be a better place.
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