Help? - Page 2

NashvilleDiva_83 · May 15th, 2008, 05:15 PM

If your dad doesn't want you to do the job, I wouldnt ... Parents are usually wise and in my experience dont discourage you from a job unless there's a reason... So I'd hold off and get a "w-2" job

CurlsGalore · May 15th, 2008, 07:16 PM

I had a 1099 job, and one of the benefits is that you can get a tax person (I have a CPA/CFA who is a friend, he would be happy to give you some tips and info about the way the taxes work if you want to email him) to take care of everything. Also, because you can write of everything as a contractor - your car maintenance and gas, car payment, public transportation, work clothes, manicures, pedicures, haircut, EVERYTHING you need to look professional. After all the write offs and deductions (oh, another good one is the business lunch...go out with a friend, tell her about your job, its a business lunch) I ended up paying no taxes at all. That year I also had a part time W2 job and got a refund. If you can figure out how to work the taxes with help from a tax pro and you like the job theres no reason not to take it. My mom didnt want me to take a 1099 job either because she had no idea how it worked and was worried I wouldnt be protected by the company, but once it was all explained she was on board. PM me if you want and I will give you Mikes email, he is AWESOME.

GirlieGirl86 · May 15th, 2008, 08:08 PM

Quote:

Originally Posted by daniellelynn

Basically, instead of the company taking out taxes, you have to pay your own taxes at the end of the year... Kinda sucks.

Thanks daniellelynn, I wasnt sure what it was. Do what makes you happy! If you really want the job you should take it.

NashvilleDiva_83 · May 16th, 2008, 05:05 AM

Quote:

Originally Posted by CurlsGalore

I had a 1099 job, and one of the benefits is that you can get a tax person (I have a CPA/CFA who is a friend, he would be happy to give you some tips and info about the way the taxes work if you want to email him) to take care of everything. Also, because you can write of everything as a contractor - your car maintenance and gas, car payment, public transportation, work clothes, manicures, pedicures, haircut, EVERYTHING you need to look professional. After all the write offs and deductions (oh, another good one is the business lunch...go out with a friend, tell her about your job, its a business lunch) I ended up paying no taxes at all. That year I also had a part time W2 job and got a refund. If you can figure out how to work the taxes with help from a tax pro and you like the job theres no reason not to take it. My mom didnt want me to take a 1099 job either because she had no idea how it worked and was worried I wouldnt be protected by the company, but once it was all explained she was on board. PM me if you want and I will give you Mikes email, he is AWESOME.

Be careful, though...you cannot write off EVERYTHING...Meals and Entertainment, for example, are limited to 1/2 of what you pay in most instances...and not to scare you or anything but the IRS scrutinzes those who own their own businesses a little more than they scrutinize the average joe (who can only write off certain things). Also, you will still have to pay the social security tax, you cannot deduct your way out of that (like you can income tax) BUT!! You do get to deduct 1/2 of what you pay for social security and medicare taxes as an ordinary business expense...because normally people that are employed only pay 1/2 of what you do ... their companies pay the other 1/2 and the companies get to deduct it from their income so....you will too.

I would contact someone...either CurlsGalores' friend or someone one of your parents know.

Good luck!

May I ask...what exactly is the job that you are thinking about getting?

daniellelynn · May 16th, 2008, 05:35 AM

Its with an advertisement & promotion company... I swear I have wanted this job for forever until I actually got it. Lol.

NashvilleDiva_83 · May 16th, 2008, 06:04 AM

I'd say that if you make a decent living, more than 20-30K per year full time, it will be worth it to hire a tax professional and go for it. Especially if it gives you resume-building edge that you can use to find an employer in the future.

I prefer to be an employee because of the health, retirement, and general benefits of not being your own boss. I would have a hard time making myself get up at 6 every morning to work if I was doing it from home...haha.

daniellelynn · May 16th, 2008, 06:08 AM

Well, I talked to the tax guy at my dads company, and it said with the hours I would be working while I am in school, its not worth it. Basically, i'd end up making about 6$ an hour... so, its a no go. But thank you so much for your help everyone!

NashvilleDiva_83 · May 16th, 2008, 07:13 AM

You'd probably work your butt off for those $6 as well!

Good luck finding something you love!

daniellelynn · May 16th, 2008, 07:41 AM

Thanks... Honestly, I just have to find something to get me by for now... I only have school for a little less than two years... So, Ill be good after that. But, still gotta pay the bills while im going. Thanks again