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Contractor and have LLC at the same time

    • 3 posts
    June 4, 2012 10:19 AM EDT

    Hi,

    I have two things going on:

    I am working as independent contractor for a staffing firm, which they hire me to a big company, say company A. So I work full time in company A, I go their office 40 hours a week. Didn’t even see the staffing firm’s office yet anyway. The supervisor I work for in company A approves my timesheet every week, which I send to staffing firm and the staffing firm pay my checks every week. The staffing firm withholds my taxes and send my W2 but I don’t have any employee benefits whatsoever such as vacation or health insurance etc…

     

    The other thing I have going on is an LLC company, which is totally irrelevant than the work I am doiong as the contractor. It just started as a hobby and then I made it an LLC business and it is basically based on a few websites that I have which I update in my free time to make ad revenue, as a secondary income on the side. I might also start ecommerce soon. I own that LLC 100%. I do a schedule C for it every year and attach to my personal return, that’s it.

     

    Based on this, I have the following questions:

     

    1-      For which of these am I considered self employed, and I need to pay self employed tax?

    2-      For the contracting work I am doing, can I deduct transportation costs for example? What if those things I deduct are less than my standard deduction? What kind of other costs can I deduct, if I can?

    3-      Am I considered an employee of the LLC? If so what do I need to do? I didn’t do any paperwork for myself being an employee there.

    4-      If I buy health insurance, what is the best way? Can I buy it thru my LLC for instance and pay less or can you advise me what to do? I currently have no health insurance and feel concerned about it. What is the best way?

    Thanks in advance

    • 32 posts
    January 7, 2014 12:59 PM EST


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