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1099 Convert To Business

Business Law discussions

1099 Convert To Business

Postby Malleville » Fri Nov 25, 2016 7:31 pm

s About Taxes)/1099 convert to business Advertisement Expert: Randall Klein, MBA, EA - 6/1/2011 I currently have some part time employment where I get paid as a 1099 from different employers in different industries. Can I set up a business entity and have all earnings for the year be invoiced through the company as opposed to me personally. I am trying to simplify my tax returns where I currently have standard w2 and then several 1099. I would like to have 1 w2 and then a business that i will run my invoicing for part time work. Is this possible?
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1099 Convert To Business

Postby Biadhaiche » Sun Nov 27, 2016 6:34 am

s About Taxes)/1099 convert to business Advertisement Expert: Randall Klein, MBA, EA - 6/1/2011 I currently have some part time employment where I get paid as a 1099 from different employers in different industries. Can I set up a business entity and have all earnings for the year be invoiced through the company as opposed to me personally. I am trying to simplify my tax returns where I currently have standard w2 and then several 1099. I would like to have 1 w2 and then a business that i will run my invoicing for part time work. Is this possible?
Biadhaiche
 
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1099 Convert To Business

Postby Harland » Sun Nov 27, 2016 6:50 am

: I want to simplify my tax returns therefore I want to make an entity
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1099 Convert To Business

Postby Victorio » Sat Dec 03, 2016 6:04 pm

: There are only TWO real reasons to create an entity. One: Tax Protection.  Two: Legal Protection.  Notice that "getting multiple 1099's" isn't on that list?

If you create an entity, then your job providers get to send the same 1099's or equivalent statements to your entity(assume it is a corporation or LLC). Then your corporation or LLC gets to fill out its own tax return which then passes income to you personally. So, now you get to fill out TWO tax returns each year instead of one. If we're talking about a few thousand bucks, maybe even $10K or $20K, then you are just wasting time and money because there will be no real tax savings. And I am assuming you are in a business that legal threats aren't a big issue.

If you are doing the same kind of work for each company(doesn't matter what business THEY are in), then everything(all 1099-MISC) gets combined into ONE Schedule C on your tax return each year. Add up all the income, subtract your expenses and pay tax only on the net amount.

KISS!

(Keep it Simple, Soldier!)  
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