Hi, I am in the US (east coast) and have done chunks of contract work before and gotten 1099s, and paid a bunch of taxes and never claimed any work expenses.
Can anyone give advice about what is the smart way to collect contract income? I am also upgrading some work hardware currently which is expensive. I've heard anecdotally that some small businesses only pay tax on profit. I am hoping there is a way to set up an “entity” for myself that pays for and owns the hardware, and then the contract payments go to the company (for which I would be an employee), and then I don't have to pay taxes on all of the income since it is covering expenses (and maybe the business keeps the money too, I'm okay with not taking that money as a salary until a later date). (But ultimately, income will outpace expenses for the year).
Does HN have any advice for an individual contractor with notable expenses?