I've been a self employed painting contractor for 25 yeara, so the 1099 scenario is in no way new to me. I've filed the way for years. And paid painters as 1099 subs for years. It takes some discipline to make sure and put money back to pay your taxes for sure. I wasn't sure if it was different in the trucking industry as far as filing that way or not. However, that said, I am only planning to do this under 1099 for a short period. I need a few months experience to move forward with a larger company, after my little bump up, and I also need an income for, you know, eating, living, etc. So I think temporarily, this will serve a purpose. Also, I will deduct every expense that I can attribute to my job. I'm certainly not ignoring anyone's well meant advice. Just trying to survive. Thanks all.
No problem, Andy. Most people spend their "1099” pay, then in April they do income tax and find they need to send 27% of their total yearly pay " now" in as tax. Plus Self Employment Tax, not to mention there there's no workmen's comp. Etc.
Yeah the wc thing ain't good. And the no insurance (health) isn't great but I do have VA Healthcare so that's a plus. Yeah I learned the hard way many years ago about spending it like it was all mine Lol. But as I pointed out earlier, I just bought a nice atlas for my trips. That will we be a deduction as well as clothing,shoes,food on the road,or any related work expense And again, it's only for a very few months to get my little bump up out of the way. Thanks for looking out brutha. Be safe
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Thanks for the heads up Errol! I'll be looking into that today too. :D