Sorry, let me be more specific after reading the threads...
Whats your opinion on being an independent contractor vs an employee?
Would I be able to get IDP hours with a firm as an independent contractor? I'm currently in grad school and would like to finish my IDP credits before I graduate so that I can begin to take the tests after graduation.
As an IC, should I raise my salary expectations? I've researched and found that most IC's do not get the benefits that an employee would get. Are there any companies in particular that have great insurance plans for IC's?
a lot of it really depends on your own situation... first to answer your specific questions...
Whats your opinion on being an independent contractor vs an employee?
it has worked out pretty well for me over the past 6 months... primarily because of the flexibility that it has given me... i quit my old job in november and took december off to work on school applications... from january through march i was doing work for two different firms... i was doing schematic design and design development for one specific project with one of the firms... and i was spending about 15-20 hours a week on that project while working from home... i was also working about 30 hours a week in the office of another firm doing a variety of different projects... since i finished the single project for the first firm i have been working between 30-45 hours/week for the second firm...
Would I be able to get IDP hours with a firm as an independent contractor?
probably not, but i'm not really sure about this... i know at least one other archinector (cryzko, i think) has gotten screwed by this...
As an IC, should I raise my salary expectations?
absolutely, yes... you should figure out what your salary (with tax) and benefits would work out to in terms of overall hourly pay... and then you should add some on top of that for the extra risk that you take on and the extra flexibility that you give your clients (not employers!)... check the other threads for some information on going rates...
i had two different rates for the firms that i've been working with... the first firm (single project & short term) was $50/hour... the second firm (which is also a friend) is getting a bulk rate of $35/hour... basically since he guaranteed that he would give me at least 30 hours/week until i leave for school in august, i gave him a break...
Are there any companies in particular that have great insurance plans for IC's?
i'm not sure about this one... but my recommendation would be to not go the IC route unless you have a significant other that can put you on their insurance... that's what has made is possible for me to do what i'm doing... if i didn't have my wife's income to rely on, i probably wouldn't have made the leap... of course, as fate would have it she actually lost her job and we're now living entirely on my income and paying for COBRA to stay insured until we move in august for school...
some other things to keep in mind... since you are not an employee you won't be on the regular payroll... so you might not get paid on time every month... you will need to put away at least 30% of your billings for taxes...
If you're a real IC as opposed to a student being asked to file as an IC, definitely factor in things such as the cost of providing healthcare for yourself (if possible within a reasonable fee). Keep all your receipts and work with an accountant to see if it's worth it to itemize at the end of the year. Also, it's often best to contract based on tasks (one contract per task, including total dollar amount with a deadline) rather than as an ongoing (start date, end date, fee) or hourly (task, deadline, hourly rate). It seems to keep things cleaner. Others may disagree.
If you're a in a "student getting a stipend for the summer" situation, pay attention to local business laws so you don't get hit with a citation months (or in my case, a year and a half later) for failing to register as a business within the city and pay the city business tax. The firm should factor that into the stipend, or atleast be aware of it. Also, with each invoice delivered to the firm, break down the number of hours vs. the stipend you receive, translating it into dollars per hour. It'll teach you to respect yourself enough not to work for stipend again, and will serve as a gentle reminder to the firm of where you stand relative to an actual legitimate pay scale.
On a side note, there are exemptions to the City of LA business taxes for IC's who work in "aesthetic" capacities (specifically written for set designers, if I recall, but certain tasks we perform as "Project Designers" and the like may fall into this), but you must file by the February deadline to claim the exemptions.
as an IC you have to make sure you figure your taxes and a little bit extra into the situation..... find out whats typical for your experience.... if you are a cadmonkey or a renderer or a designer.... then go from there
as for IDP... i would think that any work that you did under a registered architect/engineer will qualify.......you need to make sure they write off your hours per project...this way you dont get behind on the matter....
when i was working in the trades, i couldnt get IDP since i wasnt working under a licensed person....... so that part sucked really.....i could prolly have about 85% of my IDP done by now .....grrrr....
if you want to be IC then figure normal rate+taxes+a few bucks.....
if a firm would bill you out at 150 and hour then figure 1/3 of that should be a reasonable IC rate....... some firms might not agree...but i believe thats a typical breakdown for contractors....... considering that they dont have to keep you around so you can possibly hit a medium point between you and the firm......
make sure you get a contract and a liability wavier to clear you from any issues........... when i had my builders license i had to carry 2million of insurance to work with the other builder....... cost about 850 a year since i fell in a lower catagory with low risk....
i would really look into the IDP issue further... technically, you would be working for yourself as a consultant to the architect... so in NCARB's eyes you may not be working under the direction of a licensed architect...
i worked one year as an ic under the supervision of a registered architect and received credit. still though it would be a good idea to check out the specific rules.
architphil-Thanks for the comments. I will look into the IDP issue further. What would be considered a short term job? The job that I was offered to me as an IC is now off the table. At the interview they asked what I would want to make. I gave them a range of $20-$30/hr assuming that I would be an employee. When searching for jobs with firms, do you tell them that you only work as an IC? and then give them a rate? You said that you had different rates for single projects & short term, was that for documentation type work? Do you have different rates for doing documentation as opposed to rendering images and 3d environments?
I'll have to keep in mind the 30% next time and check out insurance plans around the LA area for students.
MMatt - If I were an IC for a firm and was working with them at their office, would I have to pay the local business taxes? I have been contacted by the city about this because of the area I live in which is a mixed use residential/commercial. Thanks for the advice on hourly vs stipend.
: cryzko : - How would I go about finding whats typical for CAD/BIM vs renderer vs designer for an IC?
As for IDP, if I were to work as an IC would you suggest getting a written agreement that they would sign off on my IDP? I will have to do more research on how that works with NCARB.
What type of insurance should I have to cover my liability?
jafidler - I def. plan on checking out the specifics for working as an IC thanks
Be careful with IC agreements. Sometimes employers will do IC contracts for designers to avoid having to give benefits and other things they would be entitled to as a full-time employee.
Generally, I will do an IC contract only if I am doing something very specific for an office (renderings, modeling, etc). The contract should state the expected tasks and compensation very specifically.
General questions you should ask:
Are you going to be working in the office?
Are you using their tools (computers, etc)?
Are the tasks you are performing part of the office's normal everyday operations?
If the answers to those questions are yes, then an IC contract may not be appropriate and you should be inquiring about full-time status.
However if the answers are no, then an IC agreement may be ok.
i believe just as long as you have a licensed "mentor/oversee/person" that checks/etc your stuff then you should be able to get IDP
if you plan on doing cd's, make sure in the contract that you are not responsible for any damages.... the office should double check your stuff and redline if needed..... but i'm sure if something arises then they might be quick to come after you....... so just make sure you are clear of anything....
also for an IC, technically you cant use any of "their" items....computers/etc..... because then you would be considered an employee and fall under "their" profile.....
nmiller.arch - In the scenario I was in...I would have answered yes to those questions and still be considered an IC mainly because I would only be there for a short time.
thanks for the links!
: cryzko : - Where could I find sample contracts for architecture specific jobs? Thanks for the tips...
In the situation I was in, I would have used 'their' items....computer/etc...The tasks I would have done would been SD-DD package
you could be on a "contract position" for a limited time..... but they would have had to make you an employee to use their stuff....
i'm sure you can search the forum/aia for a sample contract.... maybe look at some product design forums and see how they work core77.com has alot of designer in various fields that do contract work.... so you might be able to search that forum right quick....
just make sure you dont get hosed from working less than what you are giving..... been there and done that.... not a good thing.....
when i wrote my contracts i just googled "independent contractor agreement" or something like that... i was able to find 5-6 of them and then i cobbled something together into a document that made sense... although i also had my lawyer wife look over it too...
nmiller is right... those are the three main questions... but the irs has something like 13 questions to help define the difference between IC and employee...
I'd like to know what kind of tax benefits/deductibles I can claim as an IC?
For example, I am using my personal computer at the office I am working/contracted with and would like to upgrade or purchase a new computer. Can I claim that computer purchase on my taxes as a business expense?
I've also heard stories about people who have worked as IC's and claimed a portion of their apartment/home rent because it was considered their office as well.
Anyone have any experience with what you can and can not deduct?
on the record: the rule of thumb is to put away 30% in savings in order to pay your taxes at the end of the year. keep in mind you have to pay social security tax. also pay the $500 for a good accountant. they will help you maximize your deductions.
off the record: find an ethically questionable accountant, preferably one who formerly worked for the IRS, and you will REALLY maximize your deductions.
fuck - the things you mentioned, transportation, food, interest paid on loans and a host of other things are all considered deductible. keep your receipts.
I was in a IC position for seven years. You can write off a ton things of if you work from home, computers+gear, utilities, rent, lunches for meetings, mileage, cell phone bills, internet connection, magizines, all those cool arch books etc.
You can even write off vacations under the guise of research if you take photos and/or do sketches of buildings while there. I wrote off my half (not wife's) of three vacations worth of airfare, hotels and train passes to Europe during this time.
One thing I do know that is not allowed is clothing purchases or dry cleaning.
It really helps to make up for that extra 7% of employment that falls on your shoulders by being self-employed.
I used a tax accountant that specialized in artists and other self employed people and it made a huge difference
If you don't want bad surprise come tax time (i.e. you didn't save enough or made more money than anticipated), you can have your accountant figure out your estimated taxes based on that quarters earnings and then you can pay them in advance quarterly.
This also helps eliminate the psychological impact of one huge payoff at years end.
Quarterly payments are required generally for state and local taxes. Depending on the way you have set up yourself as whatever entity... then yes, you have to pay quarterly tax payments of either 90% of your expected future taxes or 100% of your last year's taxes, which ever is lowest.
I'm pretty sure the rules are in IRS publication 505. I guess I am learning something being a CFO.
I finished IDP before returning to grad school so I can't answer that question.once in grad I went IC.
A lot of what is being said here is safe advice but not exactly accurate.
I have been an IC for 3 years now and own my company that gets work here and there. Basically I already have my own firm with partners who have day jobs and I am the guy on my own building up real clientele while I consult for professionals. I recommend this route if mommy and daddy don't have money and the worlds best client is not knocking on the door.
Hourly rates -
My low rate is for the person who let's me claim their office is my office and gives me work when I need it if other work drys up.
I used to divide drafting from rendering from project management, but that became tedious and annoying at billing so one flat rate for everything. Most firms use all those skills so they may be paying too much for drafting but getting a deal on pm work.
Liability -
None really, as I don't do any contracts with any firms. Sure I have waited 9 months for a payment, but I always have work to keep me afloat in the meantime. Because there are no contracts and because the architect of record signs off on my CDs I am pretty much removed from decisions of liabilty granted I may wholly advice on solutions. I haven't had a problem yet besides one person yelling at me for getting abused by the GC, my response was - you paid drafting rate and I turned that around quickly, your GC has problems have them call me and yes I will bill you for that phone call.
Plus I do good work, usually better than they can in house and that's why they come to me in the first place. And just make sure your emails always say "for review and your approval" in some way or another.
Taxes -
30 percent is extrenely steep try more like 10 to 15. Everything you do is deductable, your mortgage and rent will be because you are going to work at home. Your cell phone bill, electrical, credit card interest and purchases such as your computer, supplies, software, etc...
I recommend setting up an LLC and getting a K7 if you have partners. This way after all deducts you get one fat number to then tax. Sure if you are single it will be 30 percent on that number, but not 30 percent on what you grossed.
Benefits -
I have gone without health for 3 years and so far have had no problems. I do have life. You can setup health thru the LLC, each state is different in price, Florida is cheap. I have life at least...ha
I take off when I want and never have to be involved in an offices politics, there's a measure of distance that makes it impossible for an employer to really threaten power over me. No pay no worky.
Most importantly though I have gained real clients by firms passing the client off to me or meeting GCs who are tired of the firm but like me who then recommend me to a client...
Yearly payments and you can even defer them for a year, etc...
My wife doesn't get a return because she actually absorbs a lot my taxes as she is a W2 employee.
No need to save receipts if you use a credit card or check card for everything I rarely have cash. Its easier for your accountant that way and AMEX will even break it out for you at end of year statements.
I know many guys who did incorporations, you do have to do quartely there and you actually can get a tax return because you take out taxes as a corporation and then give yourself a W2 at the end of the year.
Go LLC though, its an intentional econmic device the goverment created that is flexible and open to intepretation to maximize business growth potential
Sep 18, 09 7:18 pm ·
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Independent Contractor advice
Can anyone give me insight on being an 'independent contractor' for a firm? Thanks in advance!
Sorry, let me be more specific after reading the threads...
Whats your opinion on being an independent contractor vs an employee?
Would I be able to get IDP hours with a firm as an independent contractor? I'm currently in grad school and would like to finish my IDP credits before I graduate so that I can begin to take the tests after graduation.
As an IC, should I raise my salary expectations? I've researched and found that most IC's do not get the benefits that an employee would get. Are there any companies in particular that have great insurance plans for IC's?
a lot of it really depends on your own situation... first to answer your specific questions...
Whats your opinion on being an independent contractor vs an employee?
it has worked out pretty well for me over the past 6 months... primarily because of the flexibility that it has given me... i quit my old job in november and took december off to work on school applications... from january through march i was doing work for two different firms... i was doing schematic design and design development for one specific project with one of the firms... and i was spending about 15-20 hours a week on that project while working from home... i was also working about 30 hours a week in the office of another firm doing a variety of different projects... since i finished the single project for the first firm i have been working between 30-45 hours/week for the second firm...
Would I be able to get IDP hours with a firm as an independent contractor?
probably not, but i'm not really sure about this... i know at least one other archinector (cryzko, i think) has gotten screwed by this...
As an IC, should I raise my salary expectations?
absolutely, yes... you should figure out what your salary (with tax) and benefits would work out to in terms of overall hourly pay... and then you should add some on top of that for the extra risk that you take on and the extra flexibility that you give your clients (not employers!)... check the other threads for some information on going rates...
i had two different rates for the firms that i've been working with... the first firm (single project & short term) was $50/hour... the second firm (which is also a friend) is getting a bulk rate of $35/hour... basically since he guaranteed that he would give me at least 30 hours/week until i leave for school in august, i gave him a break...
Are there any companies in particular that have great insurance plans for IC's?
i'm not sure about this one... but my recommendation would be to not go the IC route unless you have a significant other that can put you on their insurance... that's what has made is possible for me to do what i'm doing... if i didn't have my wife's income to rely on, i probably wouldn't have made the leap... of course, as fate would have it she actually lost her job and we're now living entirely on my income and paying for COBRA to stay insured until we move in august for school...
some other things to keep in mind... since you are not an employee you won't be on the regular payroll... so you might not get paid on time every month... you will need to put away at least 30% of your billings for taxes...
that's all that i can think of for now...
If you're a real IC as opposed to a student being asked to file as an IC, definitely factor in things such as the cost of providing healthcare for yourself (if possible within a reasonable fee). Keep all your receipts and work with an accountant to see if it's worth it to itemize at the end of the year. Also, it's often best to contract based on tasks (one contract per task, including total dollar amount with a deadline) rather than as an ongoing (start date, end date, fee) or hourly (task, deadline, hourly rate). It seems to keep things cleaner. Others may disagree.
If you're a in a "student getting a stipend for the summer" situation, pay attention to local business laws so you don't get hit with a citation months (or in my case, a year and a half later) for failing to register as a business within the city and pay the city business tax. The firm should factor that into the stipend, or atleast be aware of it. Also, with each invoice delivered to the firm, break down the number of hours vs. the stipend you receive, translating it into dollars per hour. It'll teach you to respect yourself enough not to work for stipend again, and will serve as a gentle reminder to the firm of where you stand relative to an actual legitimate pay scale.
.mm
On a side note, there are exemptions to the City of LA business taxes for IC's who work in "aesthetic" capacities (specifically written for set designers, if I recall, but certain tasks we perform as "Project Designers" and the like may fall into this), but you must file by the February deadline to claim the exemptions.
.mm
this is my take on the IC over E
as an IC you have to make sure you figure your taxes and a little bit extra into the situation..... find out whats typical for your experience.... if you are a cadmonkey or a renderer or a designer.... then go from there
as for IDP... i would think that any work that you did under a registered architect/engineer will qualify.......you need to make sure they write off your hours per project...this way you dont get behind on the matter....
when i was working in the trades, i couldnt get IDP since i wasnt working under a licensed person....... so that part sucked really.....i could prolly have about 85% of my IDP done by now .....grrrr....
if you want to be IC then figure normal rate+taxes+a few bucks.....
if a firm would bill you out at 150 and hour then figure 1/3 of that should be a reasonable IC rate....... some firms might not agree...but i believe thats a typical breakdown for contractors....... considering that they dont have to keep you around so you can possibly hit a medium point between you and the firm......
make sure you get a contract and a liability wavier to clear you from any issues........... when i had my builders license i had to carry 2million of insurance to work with the other builder....... cost about 850 a year since i fell in a lower catagory with low risk....
b
i would really look into the IDP issue further... technically, you would be working for yourself as a consultant to the architect... so in NCARB's eyes you may not be working under the direction of a licensed architect...
i'm already done, so it doesn't effect me...
i worked one year as an ic under the supervision of a registered architect and received credit. still though it would be a good idea to check out the specific rules.
architphil-Thanks for the comments. I will look into the IDP issue further. What would be considered a short term job? The job that I was offered to me as an IC is now off the table. At the interview they asked what I would want to make. I gave them a range of $20-$30/hr assuming that I would be an employee. When searching for jobs with firms, do you tell them that you only work as an IC? and then give them a rate? You said that you had different rates for single projects & short term, was that for documentation type work? Do you have different rates for doing documentation as opposed to rendering images and 3d environments?
I'll have to keep in mind the 30% next time and check out insurance plans around the LA area for students.
MMatt - If I were an IC for a firm and was working with them at their office, would I have to pay the local business taxes? I have been contacted by the city about this because of the area I live in which is a mixed use residential/commercial. Thanks for the advice on hourly vs stipend.
: cryzko : - How would I go about finding whats typical for CAD/BIM vs renderer vs designer for an IC?
As for IDP, if I were to work as an IC would you suggest getting a written agreement that they would sign off on my IDP? I will have to do more research on how that works with NCARB.
What type of insurance should I have to cover my liability?
jafidler - I def. plan on checking out the specifics for working as an IC thanks
bonded?
i have worked for a architect who was also contractor and got some of me experience that way too
Be careful with IC agreements. Sometimes employers will do IC contracts for designers to avoid having to give benefits and other things they would be entitled to as a full-time employee.
Generally, I will do an IC contract only if I am doing something very specific for an office (renderings, modeling, etc). The contract should state the expected tasks and compensation very specifically.
General questions you should ask:
Are you going to be working in the office?
Are you using their tools (computers, etc)?
Are the tasks you are performing part of the office's normal everyday operations?
If the answers to those questions are yes, then an IC contract may not be appropriate and you should be inquiring about full-time status.
However if the answers are no, then an IC agreement may be ok.
Do some reading online regarding this issue:
http://www.irs.gov/businesses/small/article/0,,id=99921,00.html
http://jobsearchtech.about.com/od/laborlaws/l/aa121800.htm
i believe just as long as you have a licensed "mentor/oversee/person" that checks/etc your stuff then you should be able to get IDP
if you plan on doing cd's, make sure in the contract that you are not responsible for any damages.... the office should double check your stuff and redline if needed..... but i'm sure if something arises then they might be quick to come after you....... so just make sure you are clear of anything....
also for an IC, technically you cant use any of "their" items....computers/etc..... because then you would be considered an employee and fall under "their" profile.....
what are your tasks going to be?......
b
Antisthenes - what did you mean bonded?
nmiller.arch - In the scenario I was in...I would have answered yes to those questions and still be considered an IC mainly because I would only be there for a short time.
thanks for the links!
: cryzko : - Where could I find sample contracts for architecture specific jobs? Thanks for the tips...
In the situation I was in, I would have used 'their' items....computer/etc...The tasks I would have done would been SD-DD package
you could be on a "contract position" for a limited time..... but they would have had to make you an employee to use their stuff....
i'm sure you can search the forum/aia for a sample contract.... maybe look at some product design forums and see how they work core77.com has alot of designer in various fields that do contract work.... so you might be able to search that forum right quick....
just make sure you dont get hosed from working less than what you are giving..... been there and done that.... not a good thing.....
I am surprised there arent a bunchg goodey tooshoo AIA freaks , dropping into this thread to tell you what you should and shouldnt do..
when i wrote my contracts i just googled "independent contractor agreement" or something like that... i was able to find 5-6 of them and then i cobbled something together into a document that made sense... although i also had my lawyer wife look over it too...
nmiller is right... those are the three main questions... but the irs has something like 13 questions to help define the difference between IC and employee...
I'd like to know what kind of tax benefits/deductibles I can claim as an IC?
For example, I am using my personal computer at the office I am working/contracted with and would like to upgrade or purchase a new computer. Can I claim that computer purchase on my taxes as a business expense?
I've also heard stories about people who have worked as IC's and claimed a portion of their apartment/home rent because it was considered their office as well.
Anyone have any experience with what you can and can not deduct?
on the record: the rule of thumb is to put away 30% in savings in order to pay your taxes at the end of the year. keep in mind you have to pay social security tax. also pay the $500 for a good accountant. they will help you maximize your deductions.
off the record: find an ethically questionable accountant, preferably one who formerly worked for the IRS, and you will REALLY maximize your deductions.
fuck - the things you mentioned, transportation, food, interest paid on loans and a host of other things are all considered deductible. keep your receipts.
.._.
I was in a IC position for seven years. You can write off a ton things of if you work from home, computers+gear, utilities, rent, lunches for meetings, mileage, cell phone bills, internet connection, magizines, all those cool arch books etc.
You can even write off vacations under the guise of research if you take photos and/or do sketches of buildings while there. I wrote off my half (not wife's) of three vacations worth of airfare, hotels and train passes to Europe during this time.
One thing I do know that is not allowed is clothing purchases or dry cleaning.
It really helps to make up for that extra 7% of employment that falls on your shoulders by being self-employed.
I used a tax accountant that specialized in artists and other self employed people and it made a huge difference
Dot mentioned saving 30% for year end taxes.
If you don't want bad surprise come tax time (i.e. you didn't save enough or made more money than anticipated), you can have your accountant figure out your estimated taxes based on that quarters earnings and then you can pay them in advance quarterly.
This also helps eliminate the psychological impact of one huge payoff at years end.
I always thought quarterly payments were required.
Quarterly payments are required generally for state and local taxes. Depending on the way you have set up yourself as whatever entity... then yes, you have to pay quarterly tax payments of either 90% of your expected future taxes or 100% of your last year's taxes, which ever is lowest.
I'm pretty sure the rules are in IRS publication 505. I guess I am learning something being a CFO.
I finished IDP before returning to grad school so I can't answer that question.once in grad I went IC.
A lot of what is being said here is safe advice but not exactly accurate.
I have been an IC for 3 years now and own my company that gets work here and there. Basically I already have my own firm with partners who have day jobs and I am the guy on my own building up real clientele while I consult for professionals. I recommend this route if mommy and daddy don't have money and the worlds best client is not knocking on the door.
Hourly rates -
My low rate is for the person who let's me claim their office is my office and gives me work when I need it if other work drys up.
I used to divide drafting from rendering from project management, but that became tedious and annoying at billing so one flat rate for everything. Most firms use all those skills so they may be paying too much for drafting but getting a deal on pm work.
Liability -
None really, as I don't do any contracts with any firms. Sure I have waited 9 months for a payment, but I always have work to keep me afloat in the meantime. Because there are no contracts and because the architect of record signs off on my CDs I am pretty much removed from decisions of liabilty granted I may wholly advice on solutions. I haven't had a problem yet besides one person yelling at me for getting abused by the GC, my response was - you paid drafting rate and I turned that around quickly, your GC has problems have them call me and yes I will bill you for that phone call.
Plus I do good work, usually better than they can in house and that's why they come to me in the first place. And just make sure your emails always say "for review and your approval" in some way or another.
Taxes -
30 percent is extrenely steep try more like 10 to 15. Everything you do is deductable, your mortgage and rent will be because you are going to work at home. Your cell phone bill, electrical, credit card interest and purchases such as your computer, supplies, software, etc...
I recommend setting up an LLC and getting a K7 if you have partners. This way after all deducts you get one fat number to then tax. Sure if you are single it will be 30 percent on that number, but not 30 percent on what you grossed.
Benefits -
I have gone without health for 3 years and so far have had no problems. I do have life. You can setup health thru the LLC, each state is different in price, Florida is cheap. I have life at least...ha
I take off when I want and never have to be involved in an offices politics, there's a measure of distance that makes it impossible for an employer to really threaten power over me. No pay no worky.
Most importantly though I have gained real clients by firms passing the client off to me or meeting GCs who are tired of the firm but like me who then recommend me to a client...
Yearly payments and you can even defer them for a year, etc...
My wife doesn't get a return because she actually absorbs a lot my taxes as she is a W2 employee.
No need to save receipts if you use a credit card or check card for everything I rarely have cash. Its easier for your accountant that way and AMEX will even break it out for you at end of year statements.
I know many guys who did incorporations, you do have to do quartely there and you actually can get a tax return because you take out taxes as a corporation and then give yourself a W2 at the end of the year.
Go LLC though, its an intentional econmic device the goverment created that is flexible and open to intepretation to maximize business growth potential
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