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Subject:RE: Anyone ever heard of this book or program] From:<janet -at- fuse -dot- net> To:"TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com> Date:Wed, 13 Nov 2002 16:49:34 -0500
Russ,
Using a payroll service doesn't make you "employed" by the payroll service. You are employed by your own company, which hires the payroll service to cut you a check from your business account and files all your taxes with the appropriate govt agencies.
Cost-wise, it's a deal: I'm paying my payroll service $35/month to run my payroll, take the $$ out of my business account, pay the taxes, direct deposit my paycheck into my personal accout, and file a report w/my accountant.
Every quarter, I visit the accountant, review revenue/expenses and make sure I'm OK tax-wise (about $225/qtr).
BEFORE I used the service, I had the taxes all screwed up. Then I remembered, I'm a writer, not a tax person. So, I hired people to do those tasks for me.
It's not a matter of discipline. It's a matter of spending your time where it makes the most sense -- billable hours.
As for deducting business expenses, the accountant and the payroll service are fully deductible.
<snip some email>
> Or, if you do #3, then don't bother with #4 and save the fees you'd otherwise have to pay the payroll service. Doing both is like saying,
"I want to pay someone else to deduct taxes from my paycheck instead of doing it myself." If you are disciplined enough to tuck away about 45%
<snip>
> > and let the accountant handle it. It will make your taxes more
> > complicated and your accountant more expensive, but that's probably less
> > than the cost of the payroll service.
As an independent contractor, you also have tax deductions available <snip>
> > Although a payroll service might provide additional corporate benefits
> > (401(k), insurance, etc.). It's certainly a personal decision which
> > route you go.
> >
> > --Russ
>
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