Forums / Off Topic / Any Independant Consultants Here?

4 years 10 weeks ago, 7:48 AM

cbxjeff

cbxjeff's picture

Rank:
Major General
Points:
438
Join Date:
May 2009
Location:
Indianapolis, IN, United States

I plan on retireing again in less than a year. I have a job offer to be a consultant that I want to take. I know about self employment tax & quarterly IRS payments but how do I get this all started? I want to be all set before I retire. It's not the same as starting a small busines (I would think). I wouldn't need a retail tax stamp. I can work from home much of the time. Any ideas guys?

Thanks,

It's too late for me, save yourself.
4 years 10 weeks ago, 2:58 PM

ecaman

ecaman's picture

Rank:
General
Points:
2613
Join Date:
Jul 2009
Location:
Payson, UT, United States
cbxjeff

I'm an independent chemical consultant. I retired as an industrial research chemist in 2007. If you don't already use an excellent independent tax consultant, find one! If he's also a registered investment counselor, so much the better. I use a great guy here in Utah who handles everything. All I have to do is my chemical specialty. My tax/investment guy takes care of everything else. He's saved me an incredible (for me) amount of money, and everything I do goes smoothly.
In order to find customers, contact everyone you can who are present customers for the company for which you now work. Talk to those of your supervisors, up to and including executive vice presidents, whom you can trust, and whom you respect. Talk to people you know who are retired from the same, or similar, position to that which you now hold. Network, network, network!
If you wish, send me a PM.

If you pick up a starving dog and make him prosperous, he will not bite you. This is the principal difference between a dog and a man. (Mark Twain).
4 years 10 weeks ago, 4:06 PM

Schuyler

Schuyler's picture

Rank:
General
Points:
3905
Join Date:
Nov 2008
Location:
Bainbridge Island, Washington, United States
cbkjeff

Check with your state and city about registering as a business. In my state the threshold for a license is pretty high. If you don't make much, they don't want to bother with you. But there may be a B&O tax that you have to pay on gross receipts. In my state it isn't very much.The City may want you to register as a business, but if you are not with the state, the city will never know.

Really, all you may need to do is fill out Schedule C for the IRS at the end of the year as a sole proprietor. When I was doing it and had a tax man, he made me keep records in a small book I got from the stationery shop. It helps you track and organize records. These days I use Turbo tax for all that stuff. Quicken for business also can help you keep records of expenditures. You want to deduct as much as you can. Of course, if you want to get fancy and organize a corporation, it can get quite complex. I had my own 'Schedule C' type business for over 20 years in consulting, writing and software development. I never found the record keeping too onerous. It was really pretty easy.

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke

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