IC tax

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

When I was an IC I made about that amount. I paid quarterly tax advised by my account for five years when I was an IC. Save all your receipts for anything you buy for your transcription, -ie: things for the computer- books, spellchecker, expander, etc. You can deduct this. You do pay the portion of SS. That is the downfall as if you had an employer, they contribute. As an IC you pay the employer portion and your portion. My accountant also advises 35%- but I only do 25-30% and never had a problem.

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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