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Self-employed....... [2007-05-08]
Self-employed individuals are required to file quarterly returns. If your tax file is pulled and they see self-employed but you had not paid quarterlies, you could be audited and at that point, the IRS unfortunately could charge you penalty fees for not paying on time quarterly. Long story short, you would 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!!
quarterly payments if you make more than $600 per quarter [2008-01-01]
I believe you are technically supposed to pay quarterly if you are self-employed/IC. As someone mentioned above, I think it The IRS really has no way of knowing whether you are self-employed until tax season comes around though, and as long as you are paying what you are supposed to and filing when you are supposed to, I don Just keep in mind that there is a separate SE tax on top of federal taxes...that can get some people in trouble because they underestimate how much it will be.
Are you an IC with 1099's [2007-07-30]
If you were an IC, then you need to do schedule C (self employed) where you take your deductions from your business gross income. These deductions are completely separate from your personal deductions. If you have absolutely NO deductions, am not sure if you can then just do the SE form to figure out what your your self employment tax is which is your social sercurity. If you do the Schedule C - you then figure what your net income is from your business and pay your 15.75% on your net income which then goes on Schedule 1040 to be added onto your personal income tax. But you should have some deductions, phone, internet, mileage to bank, computer, etc to offset your income.
Patti
Self-employed....... [2007-05-08]
Self-employed individuals are required to file quarterly returns. If your tax file is pulled and they see self-employed but you had not paid quarterlies, you could be audited and at that point, the IRS unfortunately could charge you penalty fees for not paying on time quarterly. Long story short, you would get zapped.
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.
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