Quote:
Originally Posted by Buehler445
It depends on when it goes through. If you don't close until August or something it may be prudent to defer some of that income. I've never done any taxes with commission, and according to GAAP, you'd need to claim it, but if this is a one time thing and there is a way to defer some income, it may be worth checking out.
You should also make sure that you're on their payroll as an employee not a contractor. If they send you a 1099, you'll likely be on the hook for SE taxes. I can't think they'd put you on as a contactor, but like I said, I've never had to fool with commissions.
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Thanks.
I'm a legit employee, non-contracted, thank God.
It/they would close in March at the latest. And yeah, it would be a one-time thing. What exactly would deferring the income do?
The great news is, that if this works, I will be able to roll out the same proposal in 3 other markets as well, with a good chance of closing since the platform is already in place. So I'd have to plan ahead for that as well, tax wise.
baby steps first though.... deep breaths...