kgarv
New Member
Good morning all. This is my 1st post. Have some questions regarding my situation. Im a health broker who gets paid by my general agent by way of 1099. I work from home so I dont have mileage, gas etc to deduct. Right now, all of my comp is going directly to me in my name so I am trying to determine a better way to handle my upcoming tax situation next year as I'm tracking to have a helluva tax bill.
Spoke with agency and they said that I could do a S corp for example but I would have to get the corp licensed in each of the 28 states that I currently have in my own name which would be a pain in the ass. I also was advised to set up an SEP where I can funnel quite a bit of income into that to avoid some tax pain as well. Long story short independent 1099 agent looking to do some tax planning to lower upcoming tax obligation. ANY quality feedback based on what some of you are doing is really appreciated.
KGarv
Spoke with agency and they said that I could do a S corp for example but I would have to get the corp licensed in each of the 28 states that I currently have in my own name which would be a pain in the ass. I also was advised to set up an SEP where I can funnel quite a bit of income into that to avoid some tax pain as well. Long story short independent 1099 agent looking to do some tax planning to lower upcoming tax obligation. ANY quality feedback based on what some of you are doing is really appreciated.
KGarv