Full-Time Employed + 1099
I am employed full-time for a large company with all the usual benefits and receive a W2 at the end of the year. I have recently started consulting on the side and will receive a 1099 from the company for whom I consult. Can I file all of this on one return or will I have to submit a separate return for self-employment?
Fit Small Business is unable to provide legal or tax advice, and this sounds like a tax question you’d want to ask your tax accountant. However, since you already have a W2, there should be no reason that you can’t simply add your 1099 income at year end this year.
Your tax accountant can provide an explanation of when it’s best to file the consulting (business) income separately as a business vs. as part of your personal income tax, based on the need to make quarterly tax payments, and your overall 1099 income.
Good luck, and thank you for visiting our site!