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1099 Contracting

30 December 2010 Leave a comment

I lost my last gig at the end of May 2010, took a sabbatical and then a small vacation, and now I starting off in a bad job market as a 1099 contractor. I’ve done some minor 1099 work in the past–never more than $600 in a year–but this time I’ll need to account for my income for at least a year. Thus, I’m researching the genre and looking for accounting applications reviews to help me decide which application might best manage my income. Initial research shows that I will be known as a “1099 Contractor” or “Independent Contractor“, also known as a “Freelancer.”

I finally found a website, WiseGeek.com that sums up the 1099 Contractor situation succinctly, and it boils down to the fact that money I receive will not have any taxes taken out. I must then save-off portions of my income to a separate account and then make quarterly estimated tax payments. The IRS provides an estimated tax calculation form (f1040es.pdf) but it asks that I use last year’s adjusted gross income as a predictor for income in the next year.  The problem with that, is that this gig is barely half the income I was making before: this is a really bad job market so this is a gig that pays but is not really a gig that I would normally accept. If I estimate my tax based on what I made last year (2010) then my deductions (those that I calculate that I should make, and save that calculated amount off into a saving account) will be too large and my net income will be artificially and inappropriately low. I’m going to have to estimate my income based on the wage and number of hours in a year, but then I need to estimate the percentage of tax that I will be withholding from myself as my tax per paycheck.

Then too, there are many deductions that I am eligible for, so accounting for all these details becomes a larger project, and so I have been reviewing applications to help me with this burden.  My requirements for the app are that it is Mac-compatible, and perhaps if it could integrate with a project management application there might be benefit for me too.  I need to solidify my requirements, and develop the field or pool of candidates and then review how they meet my requirements, another time. Those that come to mind are from companies such as Intuit, MYOB, and MoneyWorks.

dabbling in the stock market

27 March 2006 Leave a comment

 I’ve been watching MKTN.OB but its not building very quickly… but I like it too, product wise, and slow and steady growth seems to hold the value as the rest of the market fluctuates.
 
A couple of others I’ve recently bought and sold to pull some money out we NANS.OB and NGNM.OB, for NanoScience Technology and NeoGenomics respectively.  I chose well to sell on NeoGenomics, as I sold 500 at $0.66 (I bought at $0.21 so it trippled in value), and then the price dropped and seems to be holding at $0.60. I chose poorly on the NANS, selling 500 at $0.66 (I bought it at $0.25 originally), and now its grown to $0.70, ans holding.
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