earmuffs Posted February 8, 2012 Share Posted February 8, 2012 Aight... So i may take a job with a company that will hire me as a consultant (for the same type of job I do now) They will pay me a day rate and all I know is I have to pay my own taxes. Never done any of that shit before. I'm sure I will have to get professional advice. I was thinking of just putting $2000 a month into a saving account for the end of the year. That is based on me working 14 days and 14 days off, now if I work more i will put away a little extra.. Still waiting on the details next week before I make a decision. anyone else fuck with any shit like this? Quote Link to comment Share on other sites More sharing options...
Guest Posted February 8, 2012 Share Posted February 8, 2012 ive known a couple guys from work who have come back as consultants. but this was after they retired... Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 8, 2012 Author Share Posted February 8, 2012 yeah thats another shitty thing.. no 401k with employer matching what i put in.. Quote Link to comment Share on other sites More sharing options...
theprotester Posted February 8, 2012 Share Posted February 8, 2012 I only pay consultants when I actually need them. Are they going to be using you full time? Will they be paying you directly, or are you setting up a business? I'll stop saying things, because Australia is likely very different. Quote Link to comment Share on other sites More sharing options...
Dr. Scientist Posted February 8, 2012 Share Posted February 8, 2012 You might be able to write off your rent payments as part of your work expenses, and just about anything else you buy that "could be used", computers, etc. . . Quote Link to comment Share on other sites More sharing options...
Guest Posted February 8, 2012 Share Posted February 8, 2012 http://movieclips.com/CDJTP-office-space-movie-talking-to-the-bobs/ I HAVE PEOPLE SKILLS!! Quote Link to comment Share on other sites More sharing options...
publicenemyno.3 Posted February 9, 2012 Share Posted February 9, 2012 i consulted over the last year and it has it's ups and downs. taxes are a prime example of this. you need to budget to pay what you'll owe at tax time, but you can also write off a lot of your business expenses. for instance, since i work out of a home office, i can write off a percentage of my rent, my full internet and phone bill along with a percentage of utilities. while you are your own boss, consulting can be frustrating as fuck. especially when your client starts trying to\ fuck with your money. i've had to wait sometimes months for a paycheck and one client straight up did not pay me a fucking dime that they owed me after their company folded. live and learn. overall, i enjoyed it, but i like having healthcare, 401k and more job security. Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 9, 2012 Author Share Posted February 9, 2012 I'll be working for a consulting company that gets me work. Then they pay me after taking their money. Quote Link to comment Share on other sites More sharing options...
12packprophet Posted February 9, 2012 Share Posted February 9, 2012 Aight... So i may take a job with a company that will hire me as a consultant (for the same type of job I do now) They will pay me a day rate and all I know is I have to pay my own taxes. Never done any of that shit before. I'm sure I will have to get professional advice. I was thinking of just putting $2000 a month into a saving account for the end of the year. That is based on me working 14 days and 14 days off, now if I work more i will put away a little extra.. Still waiting on the details next week before I make a decision. anyone else fuck with any shit like this? "Consulting" my ass, you're about to bust your ass doing that fracking bullshit. I almost fell for that shit myself. I decided that I have a family to attend to, and that blowing myself out in their absence wasn't really a good look though. But hey... do your thing doggie. Quote Link to comment Share on other sites More sharing options...
Drue_Down Posted February 9, 2012 Share Posted February 9, 2012 You might be able to write off your rent payments as part of your work expenses, and just about anything else you buy that "could be used", computers, etc. . . i consulted over the last year and it has it's ups and downs. taxes are a prime example of this. you need to budget to pay what you'll owe at tax time, but you can also write off a lot of your business expenses. for instance, since i work out of a home office, i can write off a percentage of my rent, my full internet and phone bill along with a percentage of utilities. while you are your own boss, consulting can be frustrating as fuck. especially when your client starts trying to\ fuck with your money. i've had to wait sometimes months for a paycheck and one client straight up did not pay me a fucking dime that they owed me after their company folded. live and learn. overall, i enjoyed it, but i like having healthcare, 401k and more job security. This all day. Pay your taxes quarterly, or else it will cost you more at the end of the year. I used to write off everything, ridiculous shit. I freelanced for about 12 years in various design fields and took 80% of my payments under the table. Larger gigs for bigger $$ I had to do legitmately, like yours. I passed up the opportunity last year to work from home for big $ with a major computer manufacturer. I figured it would be best with a newborn and all to WFH. I spent most of my 20's working out of my bedroom. Shit was gravy back then. But now-a-days I could never WFH full time... I'd never get shit done & I'd go stir-crazy. In hindsight passing on that gig was a very wise choice. Plus depending on what field you are in, it is always better to be interacting & networking with people. Shower. Go outside. Dress proper. Make sure you can handle the strange isolation that comes with home offices. It's a good idea in theory, but gets kinda strange & lonely after a while. Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 9, 2012 Author Share Posted February 9, 2012 "Consulting" my ass, you're about to bust your ass doing that fracking bullshit. I almost fell for that shit myself. I decided that I have a family to attend to, and that blowing myself out in their absence wasn't really a good look though. But hey... do your thing doggie. Why would I do I leave the drilling side to go to production? I don't know how someone could relate consulting to fraccing. This is my field of work. http://www.mudtechservices.com/ Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 9, 2012 Author Share Posted February 9, 2012 Well I definitely don't work from home,although I stay at the rig 24 hours a day as I'm the only person in my position there. So it kinda feels the same I guess. Also giving up my company truck and free fuel as well as never having to pay for my own food is also a negative. I know some of these companies pay you mileage and give you a perdeim, but I'm not sure if this one does. I'll find out next week. Quote Link to comment Share on other sites More sharing options...
12packprophet Posted February 9, 2012 Share Posted February 9, 2012 Nevermind... I really don't care that much. Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 9, 2012 Author Share Posted February 9, 2012 Drilling rigs operate 24/7 365 days a year. So for the most part you are gonna have a schedule. I work 14 days on and then had 14 days off. Where as production work for the majority of the time is weekdays and daylight hours. Quote Link to comment Share on other sites More sharing options...
Drue_Down Posted February 9, 2012 Share Posted February 9, 2012 Quote Link to comment Share on other sites More sharing options...
earmuffs Posted February 9, 2012 Author Share Posted February 9, 2012 Quote Link to comment Share on other sites More sharing options...
SwampFightOner Posted February 9, 2012 Share Posted February 9, 2012 I can't really speak much to the situation, cause I have no idea about your business, but my br0ther and I both work as independent contractors, and the only thing I know is that filing taxes is a bitch Quote Link to comment Share on other sites More sharing options...
laughslast Posted February 9, 2012 Share Posted February 9, 2012 I worked a few jobs as an independent consultant over the past year and a half. This is what I learned from it. Get EVERYTHING in writing. Some people didn't even give me 1099s. Just poof into thin air once the work was done. Keep your own records and stay on top of your taxes. Right now I have to do a lot of work and maybe I'm lazy but find someone good to just handle that shit. My boyfriend does freelance production stuff, sometimes it takes 45 days to process an invoice. So be very aware of when you will actually see the money. I personally was dicked out of a contract early on so I would not feel comfortable with that lag. There are some benefits to doing whatever it is you do independently, freelance, as an independent contractor whatever. Mostly the negotiation power for what you make and clearly outlining what you are getting paid to do. At the end of the day save like a motherfucker though. In between contracts suck and medical and all that benefits type stuff comes directly from you now. Well best of luck. Quote Link to comment Share on other sites More sharing options...
Karl Stefanovic Posted February 9, 2012 Share Posted February 9, 2012 Keep an invoice book handy at all times. Pay your taxes quarterly. Start keeping receipts of anything you buy. Expect to be fucked around with payment quite often. Quote Link to comment Share on other sites More sharing options...
morton Posted February 9, 2012 Share Posted February 9, 2012 So, you are going to have to start a business and get a business license. I would register as a LLC but you can do sole proprietor if you want. As a business owner you can opt out of paying LNI if you choose to but unless you carry private insurance I do not think that would be wise. At the very least you need to have a plan and a spread sheet figured out so that you know the amount of taxes and expenses you will be footing on your own, not knowing those things will put you at a very serious disadvantage when it comes to negotiating your compensation. In general the reason people hire "independent contractors" is to save money on compensation so be aware of what you are up to. There is a organization called score, they can hook you up with some resources and some free consultation. http://www.score.org/ http://www.sba.gov/ Quote Link to comment Share on other sites More sharing options...
TheoHuxtable.. Posted February 9, 2012 Share Posted February 9, 2012 Quote Link to comment Share on other sites More sharing options...
Rolf Harris Posted February 9, 2012 Share Posted February 9, 2012 i'm self employed and it's shite... it's basically a way for your employer to get oot of paying you a decent wage, and paying your taxes for you... it does have its advantages. you're your own boss... you can work when you fuckin' like and get oot o' your wanking charriot whenever you feel like it... plus you can take the broon envelopes and swerve the tax on that... if these boys tell you the work's there for you, then i'd say go for it, that's the only issue with me, the work's dried up, and when you're not working all day, i tend to spend a lot more money... Quote Link to comment Share on other sites More sharing options...
injury Posted February 9, 2012 Share Posted February 9, 2012 Quote Link to comment Share on other sites More sharing options...
Guest Posted February 10, 2012 Share Posted February 10, 2012 1099 - sucks , but you get to be your own boss,,, but if you make under 10 grand on the books, you dont have to file... which is not likely heres the trick; SAVE EVERY RECEIPT. Take your girl on a date? "Ask me hows business" - BAM business dinner tax deduction. Save gas receipts, BAM transportation expenses... eventually you should save enough bullshit receipts to even out your tax liability , just by livin life. Old heads taught me this CPAs confirm it. Damn near everything can be a business deduction if you are a 1099 general contractor Quote Link to comment Share on other sites More sharing options...
rolling nowhere Posted February 10, 2012 Share Posted February 10, 2012 Im gonna ask what is probably a dumb question...but... What the hell does a consultant do? Quote Link to comment Share on other sites More sharing options...
Drue_Down Posted February 10, 2012 Share Posted February 10, 2012 “Now, let’s talk rust-proofing. These Coleco’s will rust on ya like that! Shut up Gil, close the deal, close the deal.” Quote Link to comment Share on other sites More sharing options...
LUGR Posted February 10, 2012 Share Posted February 10, 2012 Im gonna ask what is probably a dumb question...but... What the hell does a consultant do? That is a dumb question. Consultants, consult. Quote Link to comment Share on other sites More sharing options...
laughslast Posted February 10, 2012 Share Posted February 10, 2012 Im gonna ask what is probably a dumb question...but... What the hell does a consultant do? No not a dumb question. There are all kinds of consultants. What I do is I take what I know about where I'm from, layout, make up, dynamics, business deals, working relationships whatever and make it my fucking business to know whats up. Then I find whoever and whatever is trying to make a deal, turn a higher profit, operate more efficiently and I pitch myself to them. Pretty much take a cut of whatever profit or benefit I can provide them. Quote Link to comment Share on other sites More sharing options...
NightmareOnElmStreet Posted February 10, 2012 Share Posted February 10, 2012 2000 a month in savings...? Quote Link to comment Share on other sites More sharing options...
En Sabah Nur Posted February 10, 2012 Share Posted February 10, 2012 are you just bragging? i can't dream of making that much money. Quote Link to comment Share on other sites More sharing options...
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