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Most of the work I've done over the years as a professional musician has
been as a 1099. I know you said you're aware of the potential difference
in your taxes, but be prepared: the tax hit is seriously SEVERE. You
should keep meticulous records, and find every possible deduction you can.
Keep track of your automotive and travel/entertainment expenses in
particular - they can help you reduce your taxes significantly.
You might also take advantage of this time to upgrade your hardware,
software, office furnishings, etc. - the more deductions, the merrier.
Actually, deductions is the wrong word - these are business *expenses*.
You can still take deductions on your regular 1040 if you do any salaried
work within the year (but you can't double-dip). So it may be easier for
you to itemize your *expenses* on your Schedule C, and just take the
standard *deduction* on your 1040.
Be aware that you can even show a LOSS on your schedule C, which softens
the overall tax blow considerably, and eliminates the self-employment tax
completely. But your expenditures would need to outweigh your 1099 income,
obviously.
Good luck!
-Keith Cronin
______________________
Not an accountant, nor do I play one on TV.
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