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Since quitting my part time IT job - Bill - 02-27-2006

I've been doing some computer/network repair on the side and my business has been growing. Last week I serviced three computers, 1 network and am setting up a new network with scheduling /dispatch capabilities for a local ready mix company.

I'm thinking I should get a business license and stop taking the hit to my personal taxes. discuss:

Since quitting my part time IT job - WoolyGoat - 02-27-2006

Spellcheck found no errors.

:blink: :clap:

Since quitting my part time IT job - Bill - 02-27-2006

WoolyGoat Wrote:Spellcheck found no errors.

:blink: :clap:

See I'm not as stupid as everyone says I am....I'm smart! I can do things!

Since quitting my part time IT job - CT280 - 02-27-2006

Bill Wrote:I've been doing some computer/network repair on the side and my business has been growing. Last week I serviced three computers, 1 network and am setting up a new network with scheduling /dispatch capabilities for a local ready mix company.

I'm thinking I should get a business license and stop taking the hit to my personal taxes. discuss:

having a business license won't impact your tax situation, bossman.

Since quitting my part time IT job - Bill - 02-27-2006

CT280 Wrote:having a business license won't impact your tax situation, bossman.

wurd...but then I can write off some shit that I'm not able to now. That and according to the tax person I spoke with. If I leave money in the company instead of putting it in my pocket I'd be better off. Right now I'm just pocketing everything and paying the taxes at the end of the year. With a license I'd be forced to pay myself and withhold the taxes up front.

Since quitting my part time IT job - Flumper Barflusterbutt - 02-27-2006

What the fuck is a business license? And how would that force you to pay yourself?

If you are talking about small amounts of money (couple of $k per job), then I would pocket them if they are cash and if they are a company check, wait to see if they file you a 1099. If they pay in cash, then you have no worries. If they do not issue you a 1099 then you are safe unless they get audited and then only if the auditor decides to pursue you as well (which never happens).

You are flying so low under the radar, that no one is watching. Of course, if you ask for tax advice from professionals, they are obligated to tell you the right way to do it.

I'd say if your sideline nets less than $50k a year, try to pocket as much as you can without claiming it as income and then only report as much income as you need to offset your expenses and still show a small profit.

PS. I didn't write this.

Since quitting my part time IT job - Bill - 02-27-2006

Flumper Barflusterbutt Wrote:What the fuck is a business license? And how would that force you to pay yourself?

If you are talking about small amounts of money (couple of $k per job), then I would pocket them if they are cash and if they are a company check, wait to see if they file you a 1099. If they pay in cash, then you have no worries. If they do not issue you a 1099 then you are safe unless they get audited and then only if the auditor decides to pursue you as well (which never happens).

You are flying so low under the radar, that no one is watching. Of course, if you ask for tax advice from professionals, they are obligated to tell you the right way to do it.

I'd say if your sideline nets less than $50k a year, try to pocket as much as you can without claiming it as income and then only report as much income as you need to offset your expenses and still show a small profit.

PS. I didn't write this.

si.