Quote:
Originally Posted by SupDock
Wife did it briefly and liked it.
Make sure you let your car insurance know you are driving. If you don’t, you will be uninsured if you get in an accident while working
Keep in mind the depreciation of your vehicle when calculating what you are making. Track your miles so you get reimbursed when you do your taxes.
Also keep in mind you are basically 1099, so you will be paying taxes on what you’re made at the end of the year.
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This is good information.
If they're going to pop you for SE tax, keep track of everything.
I'd use IRS mileage because there is no way to split out a bunch of the vehicle expense. Gas is easy enough, but tires, maintenance, depreciation, whatever, is about impossible to split. Take the IRS milage rate and deduct all that shit.
If you have a home office, get the square footage and deduct that.
If you are currently filing your own taxes, deduct the extra tax prep.
Anything you can, deduct that shit.
SE taxes are a bad, bad surprise. It's 15.3% of net, which is essentially the employer and employee side of Social Security and Medicare taxes. It hurts.