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 Mystery Shopping, Merchandising & Demo
 Independent Contractor Taxes
 Keeping Track of " IC " and Employee Income
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Sharon H.
Member

Columbia, CA
USA
10 Posts

Posted - 03/01/2014 :  11:20:02 AM  Reply  Reply with Quote
I work for a number of merchandising companies, some as an IC, others as an employee. Can anyone recommend a good way to keep track of the income, as well as expenses, since even those companies that call me an employee don't pay mileage or printing costs?

Happily shopping in places most people have never heard of, all over Central CA, and the foothills.

Dawn5515
Contributor

Zachary, Louisiana
USA
79 Posts

Posted - 03/04/2014 :  06:03:10 AM  Reply  Reply with Quote
Good question.....I am trying to figure this out too. Can't wait to see what the more experienced folks on here post.

Dawn
MSPA Silver Certified
Merchandising
Store Audits & Recalls
Mystery Shopping
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ChrisS
Contributor

USA
89 Posts

Posted - 04/07/2014 :  7:27:25 PM  Reply  Reply with Quote
I maintain a separate business account for all 1099/self-employment income. I use this account for all business related expenses and direct deposit and checks from 1099 companies go here. As I have other income outside of merchandising/mystery shopping, I use a simple edition of QuickBooks to keep it all organized. Makes providing a year end statement to my accountant a snap.

The W2 employers I put directly into my personal checking account. I don't do anything special for these.

I keep a mileage book in my car (you can buy one at an office supply shop for a few dollars). Write beginning and ending mileage each day. If servicing a 1099 employer, I write the total mileage for that account under the "business" column. If a W2, it goes under "personal". I ALWAYS try to combine trips in areas so that I am servicing at least one 1099 employer account, that way I can deduct mileage. If an employer (regardless of 1099 or W2) pays me mileage, I always write the mileage under "personal". If you are getting paid mileage, you shouldn't claim it on your taxes as well.

That's just my way of doing things. It take a little bit extra time each day, but it is worth it in the long run.

Hope others chime in.

Chris S.

Providing merchandising and related services to Southeastern Indiana.
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