Ask HN: Tax advice for independent contractor
I am a software developer getting paid hourly on a W2. I was recently offered some independent contracting work, and am trying to figure out how I would file taxes. Should I create a corporation? Do I need to do anything now, or can I wait until I need to file taxes at the end of the year?
Comments
You don't need to create a corporation, you can get paid via 1099.
Incorporating makes sense when you start making multiple hundreds of thousands of dollars. Until then it would be a massive pain the accounting butt.
So an S Corp is too much bother? A friend of mine suggested looking at that.
This. I believe you need to file quarterly.
You need to pay estimated taxes quarterly, but file only once a year (correct me if I'm wrong).