Tax/Income Question?

[AK Pride]

This will be the first year that I have to claim income that I made solely myself and not as an IC. Usually I get the appropriate IC form (1099-MISC) from the Chiro and that is all I need.  But, this year is different.  I will need to claim income in addition to that.What do I have to do (forms, ect.) in order to claim the additional income that I have made?Thanks!

 

[shottayout]

Tax/Income Question?

Not to insult your intelligence or anything, but if I were you, I'd head over to a tax guy/gal (maybe an exchange). Reason: depending upon how much money you made, you may need to pay self-employment tax, federal taxes, etc. Heck, I'm just a student right now and I'm totally concerned about my taxes because I don't know if the money I've received for loans (secured and unsecured) impacts my taxes, if I can take any of my expenses for school off, etc.In the past couple of years, I've made a few bucks (minus expenses) - but still enough money to have report it (schedule C).Hope this helps. Good luck all of you!

 

[bells3011]

I believe schedule C on your 1040 return covers income from self employment / small business.Professional help is always best, particularly if you have not been paying your Soc. Sec.  or state or federal taxes on a quarterly basis. That stuff gets scary, especially the penalties. "i did not know" does not get you anywhere with the IRS

 

[flingebunt]

No worries.  I have been paying my own taxes for years.  I am already used to the estimated taxes and other self employment differences.The difference was that I actually had clients that came to me outside of the office I work in.  So I wasn't sure if there was some form I had to fill out before tax time.I have a client that I will be trading massage with for tax advice, but I would like to still do my own tax paperwork.  It helps me understand what I have to keep track of all year (deductions, estimated taxes, ect.)  I am going to do the paperwork and have him check over it all to see if I have missed anything.I know that my client is a busy man, so I figured that I would ask here first since you all are so helpful, before bothering him.I'll look at my software and study Schedule C a little more to see what I can find on there.Thanks.

 

[TWIGGY2]

Tax/Income Question?

I was able to take $5000 off for new education when I started in this field. A classmate, with a higher income, was able to write off $1500. I'd definitely call an accountant.

 

[swallow]

Oh, I am glad to hear that. I saved all my receipts and will turn them over to my accountant so that if I can deduct it I have all the receipts handy.  

 

[hey_uk2000]

Tax/Income Question?

I was under the impression that you could report your tuition and books... Last year I was in college for a semester, and even though I had a Pell Grant that covered everything (hehehe, I'm a military vet, long story) I was still able to report the cost of my tuition and books and got about 70% of it back. I was an employee then of course, so I was filing a different form, but it wasn't 'continuing education' for my career either.I was looking through my receipts and costs that I've put into my business this year, and sadly I've spent more than I've earned. Keeping in mind cost of tuition, table, standard starting costs, office supplies etc. But being as I spent about $600 on my table (got a great bargain), should I mark that off in whole? or ... the other word, meaning it gets worn over years? (I had the word in mind when I started this paragraph, but now it excapes me)

 

[Pompal 09.]

Tax/Income Question?

If you like doing your taxes yourself, I have been using TurboTax for small businesses for years, and I highly recommend it. Each year's version has updates on new tax codes & the software is full of tutorials & short video explanations. It makes it very easy on you. To prepare, I simply have all my income & expenses organised & totalled. Just hit TurboTax on the web. If you don't actually "file", you don't pay. I think accountants are great, but we are all smart enough to do it ourselves. Its not the scary, hairy thing that most imagine it to be. Just make sure you are well informed about what is legal & what is not.Jill/Sagetherapist

 

[smdiner]

Tax/Income Question?

Seforum.xxxg.........might the word you're looking for be depreciate?

 

[kungphookitty]

I'm a little ignorant when it comes to tax stuff.  When your filing taxes for being self employed and reporting your income that has not been taxed yet.....if your married should you file seperate or does it matter?

 

[Adora]

Tax/Income Question?

It does not matter how you file.One thing to consider, as a self employed you can set up an SEP IRA or other retirement vehicle that has significant tax advaneforum.xxxes over regular IRA contributions.Make your spouse an employee as well, and you can double the amount your business can contribute to your retirement.

 

[GaryRichards]

Thanks for the input!  Never thought making my spouse an employee.  Interesting!  Thanks! ;D