First time contractor looking for trade secrets

I'm extremely interested about how I can maximize my experience as a contractor and avoid pitfalls. What sparked this, besides being new and curious to the field, I have been hearing things like what we can write off come tax time. I want to learn everything that I'm capable of doing (legally), to earn/keep the most money or anything else to take advantage of. I am currently reading Dave Ramsey's "The Total Money Makeover", to start off on the right foot.

So, just a tiny bit about me; 24 years old, living between Baltimore and DC, but working closer to DC. I'm only 4 weeks in my first govt. contract. I was just told this past Friday that I should be going full time/perm (at least longer than 3 months, lol), after working pretty hard for it. I believe I am currently being investigated for a security clearance. Along with the book, I'm studying for Security+, and studying (ISC)2 CAP for the understanding of Risk Management Framework (RMF), though not testing yet.

Any tips, thoughts or suggestions are welcomed. Thanks!

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Comments

Valsacar

If you were getting a clearance, you would know 100% as you would have to fill out a TON of paperwork. Things to do, take advantage of any education/training they offer (once full time), normally you'll have to repay them in time (ie. if you quit, or get fired, in 1-2 years after using it you have to pay back some of the cost). Better money is overseas, where you don't pay federal taxes (up to around 95k a year) and your housing is paid for by the company.

shodown

1. Are you working 1099, C2C, or W2? If corp to corp/1099 get a accountant to help you with your taxes. They can offer more advice that most on this board. If W2 as a defense contractor then you will be working for a normal company.

2. Don't become a "express man" you ride the metro and you see all the post Tenny Boppers in there loud colored express shirts with Chino's. Dress more professional it doesn't have to be a suit and tie, but it should be classic.

3. Get that S+ ASAP your job depends on it.

4. Move closer to the city if you don't already live there. Gas prices are high and will continue to be so. Live in the city near the metro and walk/bike to work and metro to get around.

gadav478

armangua wrote: »

I'm extremely interested about how I can maximize my experience as a contractor and avoid pitfalls. What sparked this, besides being new and curious to the field, I have been hearing things like what we can write off come tax time. I want to learn everything that I'm capable of doing (legally), to earn/keep the most money or anything else to take advantage of. I am currently reading Dave Ramsey's "The Total Money Makeover", to start off on the right foot.

So, just a tiny bit about me; 24 years old, living between Baltimore and DC, but working closer to DC. I'm only 4 weeks in my first govt. contract. I was just told this past Friday that I should be going full time/perm (at least longer than 3 months, lol), after working pretty hard for it. I believe I am currently being investigated for a security clearance. Along with the book, I'm studying for Security+, and studying (ISC)2 CAP for the understanding of Risk Management Framework (RMF), though not testing yet.

Any tips, thoughts or suggestions are welcomed. Thanks!

Small world, I live in Baltimore too lol

armangua

Valsacar wrote: »

If you were getting a clearance, you would know 100% as you would have to fill out a TON of paperwork. Things to do, take advantage of any education/training they offer (once full time), normally you'll have to repay them in time (ie. if you quit, or get fired, in 1-2 years after using it you have to pay back some of the cost). Better money is overseas, where you don't pay federal taxes (up to around 95k a year) and your housing is paid for by the company.

Well, I did fill out a ton of paperwork, I'm sure for a public trust investigation because I'm supposed to have one where I work. Also, I am dual citizenship; US first, then EU. I spent a year living in London, and I'd like to go back, If possible.

Valsacar

Public Trust is something else, EQIP is what they use most of the time now for filling out the paperwork (all online) and it is a pain. If you've ever exercised your rights as an EU citizen (just having a passport is generally enough) as an adult, or chose to get EU citizenship as an adult (Ie not born with it) then getting a clearance will be more difficult.

jibbajabba

Valsacar wrote: »

getting a clearance will be more difficult.

If not impossible. I have enoughissues here in the UK getting clearance, being German myself and Germany having different laws when it comes to keep everything on file.

A company here tried a background screening and the uni I attended only needs to keep records for 10 years so they couldn't prove my education (didn't accept certificate), so that was the end of that .. I know clearance is different to a background check for jobs, but if that is already hard then surely a proper clearance is somewhat more complicated / difficult.

Valsacar

Near impossible, it all depends. I know the rules say that if you've had it because of birth but never exercised the rights (as an adult, it's ok if your parents used the passport for you as a kid) you're ok. I had a hard enough time because of my foreign wife, they wanted to know why she wasn't an American yet... when I told them because that's a major decision and it's her decision, not mine, they asked where my loyalties lie...

armangua

I used EQIP, and references have received government mail about some of my information. I haven't heard anything since I submitted the paperwork/online forms. If I need to get rid of the EU passport to get a clearance, obviously I will do it, I don't have anything to hide as well.

Valsacar

Depending on what level (I could guess, as people getting contacted isn't normal for low level ones) you're going for, it could take a while before they get to you. Expect at least 6 months, unless they got priority on your case (doubtful). You'll get an interview, where they will try and clarify information, at which point you'll probably hear about the EU citizenship and might need to make a choice. Biggest thing is be honest, they probably already know the answers to things that they ask you, or most of the things.