1099 or Open my own corporation?

That must be new. Its been a couple years since I've worked under a 1099 but I've worked under several at various times in the past, some legit, most not. I always have an accountant (a real accountant, not an amateur or an HR Block clown) do my return and I've never paid quarterlies nor was I ever penalized for anything. Learn something new every day I guess.

 

It's been that way for a long time . . . it just depends on the income level, and how many different 1099's you are getting each year. Since you have a real accountant and he's been handling your stuff for years, then I wouldn't worry about it. A real accountant (or CPA) wouldn't have you doing things the way you do if it wasn't right and legal.

That being said, MOST people that operate in a self-employed capacity do need to pay in quarterly on their social security, medicare and income taxes. You also need to remember that YOU are paying the full amount of social security and medicare. If you are going to be self-employed then you should at least consult with a CPA/accountant . . . and I don't mean the guys from H&R Block or something like that.

And why mess around with a full corporation when you can do just fine as an LLC being taxed as a single person or partnership? Corporation set up is expensive, and the tax stuff for corporations is a complete nightmare.

As others have said though, unless you own the truck and call the shots you are an employee. Some companies have figured a way around that rule, but sooner or later, they will get shot down on it.