IC tax

Posted By: FLMTFL on 2008-04-04
In Reply to: IC tax questions - Reb

I had some help with this from my dad. Somewhere on the IRS website is a form or worksheet that lets you determine whether or not you need to make quarterly tax payments. I make more than 1600/month and it said I didn't have to. I take 20% out of my check and put it into a savings account and have not had to pay the full amount. Bear in mind though I have deductions like owning a house and I was going to school so wrote off tuition. Also you can deduct a portion of your mortgage/rent, electrical, water, internet access and phone. What we did was took the square footage of my office, determined what percentage that was of the total square footage of the house and multiplied that by the total cost of the items listed above. For example, I think my office is 8% of my house so say the other items were $20,000, I had 1600 in business expenses. Look around on the IRS website and you'll find all this info. Sorry I can't remember what that worksheet was called.

Complete Discussion Below:

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IC tax questions - Reb
- What we have done in the past 8 years - sm - melee
- One more question, please - Reb
- Paying Social Security is not optional. - nm
- If you don't want to mess around with paying - sm
  - This is what I do...... - NOLA
- IC tax - FLMTFL
- IC tax - ML
  - You can deduct A LOT more than just office - supplies. Has been discussed ofter here. nm
- ic tax - brookeb

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