1099 Pay
 

Are any of you corporate/charter guys being paid with 1099's?? If so have you found any advantages to starting an LLC or something like that. What kind of deductions are you taking? Health insurance premiums? Cars?

I get some work on the side several times a year and the companies issue 1099's. I use TurboTax to prepare my taxes and file a Schedule C for this income. It allows you to deduct expense associated with conducting that business, provided the expenses are not reimbursed...vehicle expense, cell phone, travel expense, rental cars, hotels... even dry cleaning your uniform and buying new shoes. Some people can even justify a home office and internet service as part of their business expense... advertising and business cards as well... even dues to NBAA or AOPA. It is not necessary to incorporate or create an LLC to utilize these tax advantages.

Just be ready with receipts and valid explanations should the IRS come calling. For about $40 you can purchase AuditDefense and never have to worry about talking to them.