Becoming a sub contractor

[tintcracker]

Hey guys. Idk if this is the right thread for this question.

So I've been working for @# an hour under the table. My boss can't afford to pay me more than what I'm making. Unless I become a sub contractor. Does anybody have any advice for what insurance and such I need to become a sub. I dont really know much about the subject.

I'm not expecting a business plan. Just a nudge in the right direction.

[tintcracker]

Ultimately I want to be working with my boss not for him. So we can both make money together.

[Roach]

How would he be able to pay you more as a sub?

[Ryker]

if you have set hours and duties then you really can't be a "sub contractor" if I remember correctly.  And I would ask how he is supposed to be able to pay you MORE if you are actually getting paid on record?

[Ryker]

unless he plans to write off what he pays you now whereas he is not able to with it being under the table...but that means less for you as you will HAVE to claim it
.

[TomTint]

Becoming a sub means that you willbe getting a 1099 every year, and that is not a bad thing. It also means that you will carry your own comp and liability insurance. At this point you have the basic necesities and requirements to start marketing yourself to other companies that would use your services. Another big advantage to you is that once you become a sub, almost everything you buy can be used as a tax deduction against what you earn. Where as what you get paid now is simply taxable income.

[MikeMN]

I have thought of becoming a sub recently, at one point I was going to work full time for our competitor as he gave me the job over the phone and matched what the shop I work for now including vacation and bonuses.

[tintcracker]

Becoming a sub means that you willbe getting a 1099 every year, and that is not a bad thing. It also means that you will carry your own comp and liability insurance. At this point you have the basic necesities and requirements to start marketing yourself to other companies that would use your services. Another big advantage to you is that once you become a sub, almost everything you buy can be used as a tax deduction against what you earn. Where as what you get paid now is simply taxable income.

I guess I've just gotta start pricing stuff out. Now workman's comp on my self? That is ridiculous.

[TomTint]

Becoming a sub means that you willbe getting a 1099 every year, and that is not a bad thing. It also means that you will carry your own comp and liability insurance. At this point you have the basic necesities and requirements to start marketing yourself to other companies that would use your services. Another big advantage to you is that once you become a sub, almost everything you buy can be used as a tax deduction against what you earn. Where as what you get paid now is simply taxable income.

I guess I've just gotta start pricing stuff out. Now workman's comp on my self? That is ridiculous.

It is. But it's a required evil if you are going to be in business. Many companies won't issue a check until they get a comp cert. for a 1 man band DBA, it will be short money

[tintcracker]

Takes money to make money I guess. I figured it would take a couple grand to get the ball rolling.