Ok, after reading all the other replies on this it seems no one has a clue on how to set yourself up to pay less taxes. This is how it is done legally and with less liability. You should set yourself up as an S corp and pay yourself a small salary like 1G a month, that is where your payroll taxes come from and all other money you take out of the corporation( called a distribution) you only pay federal tax on it. So if you're making lets say 100G you pay all self employment taxes on the 12G subtract all expenses and only pay fed taxes on what is left over. You can withdraw money at any given time thru out the year ( your distribution ) as you need it. The distribution is taxed as profit on your shares in the company. Talk with accountant about it.
Re: 1099 taxes
Member #: 2727
Registered: 1996-2001
Posted:
7
Name:
Doug May
Name:
Doug May
Company:
Powrline Inc.
Occupation:
Sweep,cert,splice,lineman
Location:
Spring Hill,Fl
Experience:
~54 years
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