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  #21 (permalink)  
Old 03-12-2011, 10:27 PM
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Join Date: Mar 2011
Posts: 32

this is great - thanks so much for sharing it Jan
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  #22 (permalink)  
Old 03-26-2011, 04:00 PM
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Join Date: Mar 2010
Location: CA
Posts: 3,440
Default How I maintain records

I am not very "techie," nor am I an accountant. I have been an independent contractor for several years. I hate to see you miss out on a good position just because you'd have to work for yourself and maintain tax records. It does not have to be complicated.

I have Quicken software (Microsoft Money will do, and likely several others). I maintain my income & expenses like a bank account. I keep my records very simply. When I am paid, that's a deposit. My expenses appear as you would enter it in your check book record.

I list where the money was spent, say "Staples," "Sprint," or "Your company name." I then enter in the category section what I spent that money on... office supplies, computer, utilities, monthly "dues," etc. The category can even have a sub-category, i.e. Office Supplies: paper.

At the end of the year (or monthly if you'd like to track it that way), the software can create a report for you by category, by payee, etc.

I've used this method for years. I actually have someone who prepares my taxes, but he loves it when I hand him my year-end reports instead of a box of receipts.
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  #23 (permalink)  
Old 04-04-2011, 12:10 PM
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Join Date: Apr 2011
Location: South Eastern United States
Posts: 66
Default Hours, Flexibility and Pay

Don't be afraid of beng an Independent Contractor. Like everyone said, keep good records and pay your taxes! The benefits are HUGE. You can set your own hours, attend your kids activities, and you can usually charge more by the hour or more for the service, than you would make working in-house for the same company. So take a leap of faith and go for it! You will be glad you did.
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  #24 (permalink)  
Old 05-05-2011, 02:54 PM
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Join Date: May 2011
Posts: 5
Post Contracting is the way to go!

I love the taste of coffee in the morning as a contractor because I'm my own boss. The tax benefits are great as well. Maybe you should look into a CPA. They'll tell you the truth as well.

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  #25 (permalink)  
Old 05-17-2011, 09:26 AM
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Join Date: May 2011
Posts: 13

I agree, it scares me to do contracting agent work too. You are responsible to pay the taxes, you don't have a company taking them off and doing all the 'government ' type stuff for you, I find it easier to work with the companies that hire you as an employee then you don't have to worry about taxes, business incorporation etc. etc.

I wanted to mention that anyone from Canada who is looking for something to do from home, Advanis is a great company to work for. I've been with them now for almost 4 months & they are helpful and friendly. They are a marketing research company. You don't need to pay for training, just need to have a computer, home phone, not voip, headset w/amp. and internet of course... they pay direct deposit every 2 wks. They pay whatever the 'homeworker' wage is in your province. The hours are 3pm-10pm MST. during the week and 10am-5pm MST on Saturdays.... so if anyone's looking that company isn't bad. Anyone has any other questions about the company & want to ask me feel free
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  #26 (permalink)  
Old 05-17-2011, 09:31 AM
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Join Date: May 2011
Posts: 13

If anyone is from Canada & does contract agent work I'd be interested in some insight on where you're working through, and pay rate. I make $14/hr at a job i hate but I would prefer to work at home if anyone has suggestions I'd love to make more an hour, but the same & working at home is ideal.

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  #27 (permalink)  
Old 05-20-2011, 07:56 AM
Join Date: Sep 2009
Posts: 63

I agree with Laureen about being an independent contractor. You can have many more deductions because you are self employed. I have been an independent contractor for over 10 years and I have been able to deduct anything related to what I was doing. If you have a good tax preparer they should really help you when tax time comes. I have an awesome tax preparer and they make sure that I do not miss anything on my taxes.
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  #28 (permalink)  
Old 05-21-2011, 07:08 AM
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Join Date: Jun 2009
Posts: 15
Default Employee vs. Contractor

Hello everyone. You've given some great suggestion about employees and independent contractors. But what I wanted to know is, are there any wah jobs that has consistant work? I didn't want to get into something that had work or a project for a little while. Just looking for something long term. Any suggestions would be helpful. Thanks.
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  #29 (permalink)  
Old 05-27-2011, 05:04 AM
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Join Date: Aug 2005
Posts: 5

Hello! I wanted to know if there is a list of companies that hire Independent Contractors? I can find them for companies that hire employees but I'm only interested in being a IC. Any help would be greatly appreciated!

Thanks in advance!
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  #30 (permalink)  
Old 06-16-2011, 02:58 AM
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Join Date: Jun 2011
Posts: 14

The tax law covering independent contractors is very complicated. Before you can determine how to treat payments you make for services, you must first know the businessrelationship that exists between you and the person performing the services. The person performing the services may be -

An independent contractor
A common-law employee (Employee)
A statutory employee
A statutory nonemployee
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