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The title pretty much sums up everything. I am most curious about how I can best set myself up when taking into consideration the 1099 and taxes. I’m located in Indiana making $45K in salary from my full time job and this year will be around ~$20K from the 1099 commission job.

The commission job is done through my old job. I was one of two purchasing/sales people for a small company. Me and the other sales guy basically quit at the same time for different reasons. The owner was going to close the business but I asked to take one of the computers home and work on leads coming in so he doesn’t have to close it. We agreed on a mutually beneficial commission percentage and it’s worked out great so far.

Can I set up a LLC to minimize taxes on the 1099 by deducting expenses like my mortgage, Internet, electricity,...? Can I contribute to something like an SEP IRA to help minimize taxes?

I strongly believe I could increase the amount of money I earn on the 1099, but really it could end at anytime so I’m not sure about the LLC or if that would even be beneficial to my situation. I could easily get my boss to write the checks to it instead of me personally.



Submitted November 29, 2019 at 09:23PM by Scotdj03 https://ift.tt/2OTEmNo

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