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Does anyone know anything about being an IC? I currently have been working with staffing companies performing I&C work at power plants. How ever this schedule is not working for me anymore. I get tired of 2-3 months away from home. I wouldn't mind this if I was making more. I have kicked the idea around of being an IC. I have no clue on how to start. I am thinking of just calling the HR departments up and ask how to be a vendor. well any input would be great.
Does anyone know anything about being an IC? I currently have been working with staffing companies performing I&C work at power plants. How ever this schedule is not working for me anymore. I get tired of 2-3 months away from home. I wouldn't mind this if I was making more. I have kicked the idea around of being an IC. I have no clue on how to start. I am thinking of just calling the HR departments up and ask how to be a vendor. well any input would be great.
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mach,
There is a lot to being an IC. What exactly do you want to know? In general, you will do the work, they pay you for it without nay deductions. At the end of the year you get a Form 1099 for taxes. You will probably use Sch. C for this of the Form 1040 and then you will have to pay taxes.
So, from the money thank you make. Put/save parts of it for taxes so that when tax time comes you will not be surprised. Also, keep track of expenses, mileage, etc. to deduct them from you 1099 income.
Thanks for the replies guys. I have talked to my accountant but he is really in the dark with it comes to IC. I use him for my Real estate stuff. I talked to him briefly on the phone he seems to think I should start up an LLC. He told me not to do an S-corp till I get going, and I would be double taxed. I think He thought I was talking about an C-corp. I'm not sure I understand you when you say there is a lot to being an IC. The think I don't understand is how to make contacts, and the insurance I would need. as it is now I have to keep track of my travel, and expenses. I don't always work for one company and I travel through out the US. Any input is welcomed.
The very little I know about this stuff, is that an LLC is for people who want protection from lawsuits and stuff like that. I'm leaning towards an LLC myself due to the medical/rehab field business we're considering. If you are in a line of work where you could be easily be sued, then an LLC might be the way to go, like your accountant suggested. good luck.
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