Thread: Gotta new job !
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      09-24-2021, 08:41 PM   #4
dreamingat30fps
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Quote:
Originally Posted by 2000cs View Post
Go to IRS.gov and read up on independent contractors. You are on the hook for full social security taxes (you and your former employer may have already paid enough this year, but not next year), and all income taxes. Probably have to file quarterly (1040ES) and maybe in your state as well. There is a lot to this topic and I’m only up on some of it; for example I’m not wise on whether it makes sense to incorporate and why.

One rule of independent contracting is to actually be independent, which means using your own equipment and setting your own hours, etc. You have an easier time arguing that you are independent if you have more than one client. Again see the IRS.gov web site for their guidance.
I'm now self employed full time, but even when I was doing stuff on the side and still had a regular job I was setup as an S corp for the side $$.

The key IMO is having a good accountant. I've used the same guy for probably like 15 years. He let's me know what I can and can't deduct, he let me know when I had to start paying payroll taxes etc. Definitely not something I would skimp on.

Also not sure if you have to get your own health insurance, but that shit is $$$!
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