just picked up a side gig to compliment my fulltime job

the fulltime job is solid, so solid that the only reason I picked up the side job is because they agreed to my demands.


So now I'm working as a consultant. Which means I am master of my own withholdings. (is that the right term? I am a tax retard)


Im getting my head around the money part of it all, and I as undertand it a general rule is to sock away 30% for taxes right?

Next I wonder if it would make sense to start to represent myself an "Agency" (obtaining a business liscence, DBA, etc) would this make any sense at all from a legitimacy/tax perspective?

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https://soundcloud.com/swageyph/yph-die-with-me

I will presume that you are asking should you form a LLC or something of that nature to mitigate your tax burden as a sole proprietor.

If you are an independent contractor..yes as you are able to deduct the costs of your business from the income earned therefore decreasing AGI

30% is a good start assuming your business income is less than 200K.

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http://prettyperiod.me/

http://whenwomenrefuse.tumblr.com/

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https://soundcloud.com/swageyph/yph-die-with-me

I am an accountant so its a second language.

AGI equal adjusted gross income

an individual's total gross income minus specific deductions
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http://prettyperiod.me/

http://whenwomenrefuse.tumblr.com/

or would you have a recommendation? I have one hell of a tax situation

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https://soundcloud.com/swageyph/yph-die-with-me

Sorry.
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http://prettyperiod.me/

http://whenwomenrefuse.tumblr.com/

I've had my TIN/EIN for 12 years or so and have always worked under it when I do freelance gigs, but since I'm pushing harder for a consulting biz, I'm gonna go ahead and make it official by flipping to an S-corp. I have some bills and shit to get caught up on so it's gonna wait for a few more weeks.


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forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D

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https://soundcloud.com/swageyph/yph-die-with-me

cheaper taxes and I can't personally be sued for disputes between my company and a client.

I'll add on to this in a bit.
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forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D