contractor $$ questions
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- GreedoLives0
i'm on the same employment model.
some tips:
* EVERY meal is now a business expense. You only get to deduct 50% of it, but get a receipt EVERY time you go out to eat with other people (by yourself doesn't count).
* Buy expensive business-related stuff (computers, printers, etc) every year. Nice tax-deduction and you can claim depreciation on big ticket items such as computers.
* Keep receipts for transportation. Gas for car, subway passes, whatever.
* As for investments, get a money market acct asap. Better interest than any savings account, but you gotta keep a minimum balance (at least $2,000 for most banks). You could fool around with stocks, but that's gambling territory these days.
* Basically, collect receipts for EVERYTHING (books, movies, whatever. That's research.)