Accounting questions about 1099
Hey BP! My name is Noah Simmons and I am new to the REI world. Currently I am subbing out my work as a contractor for real estate investors and with every job over about 500 bucks I've been paid through a 1099 rather than a W2 employee or just cash deal.
I’ve been setting aside money from each one for the end of the year (30% for each job). However, this is my first time working as a subcontractor, and I want to make sure I’m doing this right.
So is 30 percent of each job enough/too much? I keep records of my work and the pay. Is there anything else I need to be aware of? Also I have a full time job as well, so my taxes are going to be more complicated than in the past. I’ve done my taxes myself up till now, but bringing 1099’s into the mix with my w2 job is going to mix things up. Is it still doable to take care of my own taxes or should I see a cpa?
Most Popular Reply
Take it to HR block person for answers unless you need a CPA.