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Thinkin' of taking a 1099 job.. Can I get some advice? Alabama

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  • Thinkin' of taking a 1099 job.. Can I get some advice? Alabama

    Hey guys-

    I am currently really tired of my current job and am looking at getting into something else..

    The position I am looking at is a 1099 Independent Contract job.. I wish it wasn't but.. it is..

    So..

    I'm trying to find out if it's worth my time to swap.. I am currently working a job where I make "pre-tax" around $24,000 a year..

    The job I am looking at is pre-tax $35,000 base pay and can go up from there based on performance..

    The biggest thing so far is the lose of insurance.. So I am going to have to pick that up.. I currently pay around $150/month for myself and my wife.. It will probably double from what I can tell..

    Am I reading correctly that 60% of the premiums are deductible?

    Also, I will be able to deduct my office.. Based on office size/house size = percent of deduction.. How much of my electricity, water, etc, etc, is deductible off this?

    I will be required by the job to get a home phone which I currently do not have.. How much of this is deductible?

    I am just trying to make sure that I don't come out behind on the job switch.. You'd think an extra base of $10,000 a year would be noticeable, but unfortunately I've never paid too much attention to tax details and now I guess I have to.

    Anyone have any other items I can deduct? The job will be 100% in my home, working on the phone.. Basically an account manager for a company, dealing directly with our dealers..

    Thanks guys..

    Jeff

  • #2
    You need to speak with an experienced accountant. Don't forget also, that you won't have unemployment coverage and you'll have to pay both portions of FICA/Medicare (self-employment tax=15.3%).
    I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

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    • #3
      You might want to also make sure that IRS agrees with the classification of independant contractor.

      http://www.irs.gov/businesses/small/...=99921,00.html
      "Reality is that which, when you stop believing in it, doesn't go away".
      Philip K. **** (1928-1982)

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