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Old 04-23-2008, 04:59 PM
Status: "Drink responsibly means don’t spill it" (set 28 days ago)
Location: Near Manito
20,094 posts, read 21,979,414 times
Reputation: 15148


I stand to earn some substantial income this year, in addition to my regular salary, from independent consulting for outside institutions.

Should I enter into an independent contractor agreement? Should I start a small business? Do I need to do anything at all beyond keeping a log of my activities and income?

What additional tax reporting responsibilities do I have beyond simply reporting the additional income on my 1040? Must I file a "self-employment income" form of some sort, although I already file a regular 1040 for the income earned on my day job?

I would appreciate any advice.
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Old 04-23-2008, 05:10 PM
19,142 posts, read 58,179,361 times
Reputation: 34572
Contact a good CPA about the benefits of setting up a subchapter S corporation. Use a standard format for reporting, like Quickbooks.
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