UPDATE - PLEASE READ Again! I officially own my own business!

Discussion in 'Fibromyalgia Main Forum' started by EgyptStarr, Feb 15, 2006.

  1. EgyptStarr

    EgyptStarr New Member

    For those who have already read this.... thank you! There's an update further down the page.....

    Hey Everyone!

    I just HAD to tell ya'll......

    My fiance', Billy, works as a Fleet Manager and dispatcher for a company in Tulsa that is responsible for making sure that various convenience stores and gas stations don't run out of gas. Billy watches (on company websites) how much fuel each store has on hand, and as they get low, he dispatches the tanker truck drivers to fill 'em back up.

    Sounds too easy, I know, but it's actually a lot more involved than that and carries HUGE responsibility! If a store runs out of gas on Billy's shift, his company catches H*** from that store's company, and Billy is in DEEP doo-doo!

    Anyway, the company he works for lost their weekend overnight Fleet Manager/Dispatcher. So Billy came up with a great idea.... we have the capability to do the same job from home, we needed MORE money (our bills were surpassing our income a little bit), and I was looking for a job, even though me working with my CFS and FM is TOUGH.

    SO...... he wrote up a proposal to the company to hire ME as an Independent Contractor! I will be doing the exact same job that he does, but from home, on the weekends overnights! Their shifts are 12-hour shifts, so Billy only has to work 3 days a week, and I will be working 3 nights a week (12 hours each night), so we are DOUBLING our income!!!

    The difference is..... he works there and gets paid a regular salary with taxes taken out..... has insurance through the company, gets vacation time, 401k, Profit sharing, etc. I work from home, get paid per shift with NO taxes withheld and no benefits. But it's MY COMPANY!!! I am Self-Employed and OWN MY OWN BUSINESS!!!

    I already got to work this past Friday, Saturday, and Sunday nights (as a "trial run"), and the Terminal Manager, Operations Manager, CEO, and all the drivers said I did a GREAT job (Billy trained me, of course!)! So it IS official now! They accepted the proposal and it's a done deal! I am expecting my first check either Friday, Saturday, or Monday (depending on when they mail it out and how long it takes to get here)!

    Well, anyway...... I can't think of what else to tell you about it, so I'll shut up now! If you have any questions, ask away!

    Thanks for reading!


    Hugs!
    Starr
    The Brand-New, Hardworking, WELL-PAID, Self-Employed, Independent Contractor and BUSINESS OWNER!!! LOL



    [This Message was Edited on 02/16/2006]
  2. AnneTheresa

    AnneTheresa Member

  3. PVLady

    PVLady New Member

    Congratulations!!!!

    I know you will enjoy having your own business. I also have a business and was never sorry.
  4. katykat24

    katykat24 New Member

    many congratulations!!!
  5. Cromwell

    Cromwell New Member




    ....plus you can work in your PJ's....

    Hugz

    Anne C
  6. EgyptStarr

    EgyptStarr New Member

    Hey Anne (cromwell)! What do you think I worked in this past weekend? ::wink:: lol


    Thanks Everyone for the replies! And keep 'em coming! As good as it feels to be starting the business, it feels even better having you all congratulating me and cheering me on! I was just telling you all the news before.... I didn't expect to read the replies and burst out into happy tears!

    As always..... Ya'll are the BEST!



    Thanks again!
    Hugs!
    Starr

  7. JLH

    JLH New Member

    CONGRATULATIONS!!!!!!!!!!!!! This is great news!!!!

    Remember next year when you are doing your income taxes that you will have to pay SELF-EMPLOYMENT TAXES!

    (You are required to file Schedule SE, Self Employment Tax, if your net earnings from self employment are $400 or more. If you are in business for yourself, or you are a farmer, you are considered self-employed.)

    You might want to send for any type of supplements that the IRS puts out on Self-Employment Taxes so you can read up on what percent you will need to pay, so you can be putting that amount into a separate savings account to save to pay those taxes! Just an idea!

    Hugs,
    Janet


    Edited for additional info:

    * Self-Employment Taxes is filed on Schedle SE (to Form 1040)

    * for additional info, see Publication 225 or 334.[This Message was Edited on 02/15/2006]
  8. voiceteacher

    voiceteacher New Member

    I own my own business too....BUT I just wanted to let you know that when you own your own business you are required to pay "estimated tax." Otherwise you get penalized by the government pretty hefty at tax time. Be sure to check that out on the IRS site. The way my hubby and I do it is we estimate the tax, and then just have the extra held out from his pay check throught the year so that I don't have to pay lump sums at each increment like they say.

    GOOD LUCK!!!!
  9. EgyptStarr

    EgyptStarr New Member

    Thanks for the info! Yes, we know that we will have to pay taxes on this, and we had already figured on researching to find out how much we will have to pay in on it, then we will take out as much as we need to from each check to cover that. But thank you for the advice on the IRS website! I wouldn't have thought of that..... I probably would have goofed it by CALLING them and being on hold for an hour just to ask someone what I could find out on the web in minutes! LOL


    Thanks again!
    Hugs!
    Starr


  10. ksp56

    ksp56 Member

    CONGRATULATIONS on being a business mogul in the making!

    How TERRIFIC!

    You go Girl!

    Hugs,

    Kim
  11. EgyptStarr

    EgyptStarr New Member

    Thank you all SO MUCH!!!

    I don't know what else to say....



    Hugs!
    Starr
  12. JenniferAnn539

    JenniferAnn539 New Member

    Congratulations!

    It is so nice of you to share your happy news!

    Wishing you all the best and a profitable future!
  13. victoria

    victoria New Member

    what a sweet deal, to be able to work at home, deduct your expenses, etc.! Couldn't be better! I'm so happy for you!

    all the best,
    Victoria
  14. kjfms

    kjfms Member

    How great for you. Don't forget you can right off percentage of computer, phone, electric, supplies, etc..at tax time. woo hoo!!!

    Best of luck to you,

    Karen
  15. rockgor

    rockgor Well-Known Member

    I hope it works out just fine.
  16. ritatheresa

    ritatheresa New Member

    That is really great news!!! Good for you

    Good luck, Ritatheesa
  17. Rosiebud

    Rosiebud New Member

    Congratulations and the best of luck.

    love
    Rosie
  18. EgyptStarr

    EgyptStarr New Member

    Billy came home from work last night and told me that every day he hears comments from different people at the office talking about how impressed they were at what a great job I did on my very first weekend. The Operations Manager and the Overnight Dispatcher who works weeknights got into a BIG argument yesterday over her performance on the job and he came out saying, "If this crap doesn't straighten out, we'll just hire Starr to do ALL the overnight jobs!"

    (Here, I'm thinking, "Holy s***, that's a LOT OF MONEY! Too bad I wouldn't have any time to enjoy it!" LOL)

    Then Billy told me that he's very proud of me..... I could have almost cried! (Happy tears, of course!)

    Thanks again, ya'll, for the incredible responses and words of encouragement!


    Hugs!
    Starr



  19. Kacjac

    Kacjac New Member

    YOU LUCKY STARR YOU!!!!!!
    Congratulations!
    You deserve it, gal!
    Hugz, Karen
  20. fivesue

    fivesue New Member

    I am so glad for your success and the encouragement you've been given!

    Happy Days!

    Sue