My sales career started with me as a 1099 independent sales contractor. At 22 years old, mentally I was no where prepared for the amount of organization required, and additionally, how to do my taxes.
When you're in a situation where taxes are held out of your check, the government isn't doing you a solid.... They expect a meticulous paper trail and understanding of your business expenses.
For those that have experience with this situation, what details are worth sharing?
1) According to my accountant, as a contractor, file your articles of incorporation to become a legit S-Corp, i.e. Honey Badger Inc. Unless you have a ton of liability with what you're selling, an s-corp will provide more tax-breaks. (Double-check this fact where you live, it differs every state.
2) Open a business banking account after you're an S-Corp. Only use this account for business purchases.
3) Mileage is king. Keep an accurate mileage count. This is a huge reimbursement calculated per mile. I'm not sure what the cost per mile is now.
4) HIRE AN ACCOUNTANT THAT IS FAMILIAR WITH YOUR COMPANY AND HOW IT OPERATES. Everything is routine to them - it will make your life much easier.
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