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Part-time consulting & taxes?

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by lhowerbates

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A friend is doing part-time consulting (<10/week) & works a 35 hour/week job. Does anyone know what sort of accounting juggling he needs to do in terms of taxes? Or do you know any good sites with information on taxes & part-time consulting? (Note: by good I mean, intelligble to a non-tax-literate individual)

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by avachon

Hi, right now this site has info. on taxes on its home page. Also look at www.guru.com which is geared toward consulting. Additionally, the IRS will send you all the info. it expects to see, what constitutes valid deductions, records to be kept, etc. Peachtree is a good accounting software or quickbooks. Your friend should keep track of everything concerning each consulting gig: dates of projects, companies, costs of supplies, travel and related costs, research tools needed for the jobs, etc. If he has to pay his own insurance or wants to setup alternate savings or retirement plans, check out guru, but also have him speak to a good accountant (at least to validate his setup is correct and so he won't have headaches later. Hope this helps. Good luck.

by dmiles

From the Resources in the left Pane he can find info thru the briefing cnter or use the research index to locate the tax info from previous topics on consulting and tax laws.
Also reference some of the answers to the Can't find old Tech Republic Article that is listed in the right pane under Top 5 Questions.

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