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Employee vs. independent contractor

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M

MRichardson

Guest
I am currently employed full time with one company and I am considering independent consulting work for another company. I plan to work both jobs simultaneously. Therefore at the end of the year I would file a W-2 form as well as a 1099 form. Is this permissible under the same tax ID number, which is currently my SSN. Or would I need to get a separate Tax ID for the independent contractor work, therefore filing as a sole proprietor? What else should I be considering in terms of legal issues with contractor agreement (to protect myself) and tax implications? Please help. Also, I reside in MD. Where do you recommend I go or call to get free advice in person--the SBA??? Thank you very much!
 



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