Contractor management didn't need to worry about taking out taxes for me. If my gig was a $50 job, then I was paid exactly that, $50. At the end of the year, I received a 1099 for my personal tax purposes.
A great benefit of paying income taxes as a contract laborer is that you can claim deductions for many work related expenses. The IRS treats you as a "business" and this gives you more freedom to deduct expenses you incur while providing your services. One example was the mileage I drove from home and to the various store locations. Many more types of expenses are deductible, but your eligibility for them will depend on the type of work you do.
For me, another advantage was it meant that I could work when I wanted and where I wanted. If I had a busy weekend, I simply chose not to work. If there were demos available in a variety of stores, I was able to choose a convenient location for what I was doing that day.
So if you like to be your own boss, and need flexibility, contract labor may be right for you.
I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.
No comments:
Post a Comment