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Lawrence B. Keller, CLU, ChFC, CFP®
Aug 24, 2006 - 7:20PM
Re: Moonlight

If the moonlighting income that you earn is paid on a 1099 (independent contractor) and not on a W2 (employee), there are many things that you can do to reduce your taxable income.

If you file a schedule C, you can deduct any work related expenses that you incur. In addition, you can set up your own pension plan such as a SEP/IRA or Profit Sharing Plan to further reduce your taxable income.

Hope this helps.

Larry

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Andrew Schwartz CPA
Sep 4, 2006 - 1:48PM
Re: Re: Moonlight

We wrote an article for one of our monthly newslwtters called Memo to Moonlighters that is available at www.mdtaxes.com/news0205.html.

Zip Code: 01801

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