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The First Crusade: Siege of Jerusalem, Battle of Ascalon, etc...
...and you look back fondly on your time served on all the campaigns.
"I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
Keep up with estimated taxes prepayments.
Every now and then the IRS will check and possibly charge a penalty+interest. After ignoring it for several years I finally got hit once - after that I behaved myself.
On the flip side, your travel and expenses are much more easily deducted from your income. Just as an example, you may not have "Transit Checks" for to pay for public transport with pre-tax dollars but you now can use it as a business expense (usually) and there's no cap as there would be with tranist checks. Equipment purchases and stuff, too. Just don't be a pig about it.
I've been doing 1099 for the last 15 years. I'm too lazy and unorganized to file estimated quarterly taxes, even though the accountant provides the forms every year. Sure, I have to pay a measly penalty, but I get to keep my money until filing time.
Wow, how prophetic! I too have just talked with a client about 1099 work, it has been many years since I did that. I need to dust of my EIN (if I can find it) and make sure the business bank account is still alive.
A human being should be able to change a diaper, plan an invasion, butcher a hog, navigate a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects! - Lazarus Long
I do 1099 work myself but had to incorporate a while back for another gig. So, now I run 1099 directly to my company (LLC) which then has a payroll service handle my taxes. So it looks like this:
-- client pays me but writes check to my company (they don't do 1099, they have a business expense paid for services rendered)
-- I deposit said check into company's business bank acct
-- my company hires payroll company (I pay $25/mo to write me a paycheck, take out taxes (fed/state/local), delivers W2 each year and pays corporate quarterly taxes.
-- Payroll service sends me "paychecks"
-- I write myself a corporate "draw" to split my taxable paycheck income and my business owner income (less social security)
So, for $25/mo and the extra step of running it through my company I am protected legally and financially. The payroll service does all the tax nonsense I have no interest in keeping track of. I can also use my company to handle health/travel/business expenses differently than 1099.
Not saying going LLC/incorporated is the best way, but its an option that isn't that difficult to set up.