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Per diem seem message [2007-03-27]
You can take the per diem but sometimes there are limits. I would suggest investing in a tax book such as the J.K. Lassiers Small Business Tax book. I have used that book for a few years and it explains the per diems versus actual expenses extremely well...including limits and exceptions, etc. This by far has been the easiest to understand.
Can I claim the full Government Per Diem [2007-03-23]
I am self employed and paid via 1099 from my clients. I travel 100% of the time and pay ALL of my own expenses. Since I am new to the self-employed environment, I fail to save receipts. Here is a scenario: If I travel to New York City for a week and stay in hotels for 4 days, can I just take the Government Per Diem of $250/day as my tax deduction ?? OR, do I actually have to write off my actual expenses ?? Problem is, I don't have multiple receipts.
New to IC status and unsure about taxes... [2008-05-16]
Hi,
I have been with a great company since March 25 as an IC. I currently work for another company flex part-time as an employee, but want to quit them very soon! I have never worked as an IC before, so completely unsure about how to handle the taxes. I live in Illinois and was told by HR Block to take out 30% from my pay, but I am not sure this is right, seems a bit high to me. I was also told by a friend 22% for federal and 8% for state (but she lives in Wisconsin)which figures out to 30%, she thought HR Block was right, too. I am completely clueless what I need to set aside and do I need to pay this quarterly or wait until tax time? The company does take out SS so I do not have to worry about this. And do I figure this tax after SS is taken out or the total check. So far, I am very part-time, but plan to go full-time when Iquit my other part-time,and have not begun to do this as I figure I would be okay for now. I am paid every 2 weeks and got my first check in April. I will probably be claiming head of household next year, too, with 1 dependent.
Any advice would be appreciated from those of you who arefamiliar working as an IC. Any other IC advice is welcome, too, such as what I can deductions I claim at tax time, etc.
Thanks!
What happens if you don't pay quarterly? [2007-05-08]
Im a single mom. In the past, I have never owed much in taxes based on my income and the fact I have two children and always also qualified for the EIC. This year, I will only be able to claim one child, but I also expect to make only about 2/3rd what I have made the last 2 years running. If I take an IC position at this point and don't pay quarterly, am I gonna get zapped?
IC versus Self-employed [2007-04-09]
I am a full time IC and have been told by my tax preparer that I have to pay self-employmen tax. Does anyone know if this is the case??
Thanks so much for any help!!
Per diem seem message [2007-03-27]
You can take the per diem but sometimes there are limits. I would suggest investing in a tax book such as the J.K. Lassiers Small Business Tax book. I have used that book for a few years and it explains the per diems versus actual expenses extremely well...including limits and exceptions, etc. This by far has been the easiest to understand.
IRS says 12 K gift per year [2007-03-26]
It was just in our Sunday paper that it is 12K per person gift -- up from 10K. My husband
Can I claim the full Government Per Diem [2007-03-23]
I am self employed and paid via 1099 from my clients. I travel 100% of the time and pay ALL of my own expenses. Since I am new to the self-employed environment, I fail to save receipts. Here is a scenario: If I travel to New York City for a week and stay in hotels for 4 days, can I just take the Government Per Diem of $250/day as my tax deduction ?? OR, do I actually have to write off my actual expenses ?? Problem is, I don't have multiple receipts.
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