I track my daily miles that I put on my vehicle to get to customer offices from my home office. I write off a very small percentage of the sq. footage of my home for a home office and I track all of my computer expenses. I also track all of my vehicle maintenance which includes fuel, tires, oil changes, car washes, tolls, and so on. I track dry cleaning bills and basically anything you can justify as an expense to do business such as that $10 car wash because of the lunch meeting with the client. One thing I was warned on is to be careful if you end up with only one client you do 1099 work for, which is something I do for the most part and if/when I ever get audited it should make for an interesting time. Remember to put aside at least a 1/3rd of what you bring in, you will need to do quarterly estimated tax payments and also you need to take into account retirement. What I do is every month put in a percentage of my income into a SEP plan to help lower my taxes as well as work towards having something for retirement. I had also been taking another percentage every month and investing that into stocks but I pulled all that out as things started to go south and right now it just is collecting interest and I still add to that account monthly.
On Thu, Mar 27, 2008 at 6:31 PM, <[EMAIL PROTECTED]> wrote: > I start the new position tomorrow and won't be able to consult a CPA for a > couple of weeks. Do you have any suggestions of what to track that i can > verify with my cpa when i get one? ! Live in california,any help would be > appreciated. > > william > > William Seiter (mobile) > > Have you ever read a book that changed your life? > go to: http://www.winninginthemargins.com > and use passcode: GoldenGrove > > -----Original Message----- > From: "Aaron Rouse" <[EMAIL PROTECTED]> > To: "CF-Jobs-Talk" <cf-jobs-talk@houseoffusion.com> > Sent: 3/27/2008 4:10 PM > Subject: Re: Consultant vs. Employee > > I'd talk to a CPA about what you can and can not do in regards to taxes. > When I first made he switch, I made some assumptions based on my research > and almost got bit hard come tax time. > > On Thu, Mar 27, 2008 at 5:39 PM, William Seiter <[EMAIL PROTECTED]> > wrote: > > > I just finished reading this article on the subject: > > http://www.asktheheadhunter.com/industryinsider6.htm > > > > It is very interesting to read the benefits of a Consultant organization > > compared to a Headhunter, as well as how it works. > > > > I was wondering if anyone has any experiences with a good CF consultant > > company? Or if one even exists? > > > > I was also wondering. > > I am about to start a position as a 1099 employee through a general IT > > consultant company, it was supposed to be perm-fulltime, but that fell > > through in favor of Contract work. I was wondering if anyone has any > > advice > > on how to handle the 1099 situation. I know that this means that all > cash > > will be handed to me and I become directly responsible for all taxes, > etc > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;192386516;25150098;k Archive: http://www.houseoffusion.com/groups/CF-Jobs-Talk/message.cfm/messageid:3716 Subscription: http://www.houseoffusion.com/groups/CF-Jobs-Talk/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.11
