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Why don't you ask the accountant who did your taxes last year?

Posted By: sm on 2008-02-13
In Reply to: tax question - memt2

I'm sure they are better able to answer that question than anyone here.

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If you had an accountant do your taxes, contact him or her. nm
Taxes regarding self-employed = getting an accountant
Get yourself one, and he'll explain everything you need to know.
you OVERPAID your taxes by almost $4K? Sounds like YOU're the one who needs a better accountant.
to cowgirl - Last I knew, last year the job paid $25,000/year no taxes, etc.
The hospital was bombed about a year ago, but not a lot of damage, very minimal damage.
Taxes are deductible and it does help out at the end of the year.
Be sure to try to get fixed. I have 7.5 fixed for 30. They do have 40 yr mtgs now. And you can always refinance if your financial picture changes. When I moved into my home, i had no cable, a junky car and ate like a poor person. Once, to make my mtg, during a really rough time, i sold my bedroom suite. Keeping the roof over our heads is #1 priority. You sound like someone responsible enough to do this. Would you qualify for this loan on your own? Getting his name on this house might not be smart thing to do during these rocky times?
I did not pay state taxes last year...sm
and wanting to get them paid now ASAP so it will not delay my tax return now.  Does anyone know how the quickest way I can do this and get credit so as to not mess up the timing of my tax return. It was only like $130.00 but we have had such financial hardship this past year that that was hard to come up with at times.  I was wanting to do Turbo Tax like I have for the past few years.  Any ideas?  Thanks!
I was told this year by the lady who our taxes...
that if it the dictations are 2% of your income for the year then it will count...she told me to keep a list of everything just in case but I don't think my deductions would add up to anything since I am an employee...
Well, my husband and I paid 58% last year in taxes. I swear! sm
I won't tell you our gross, but it's above average, we both work 70+ hours a week and we are struggling to pay our bills - parents of 3 young children.

I am scared to death of Democrats being back in office. GW at least wants tax breaks for families like ours. If the Dems are in office I'm afraid we'll be taxed more to help pay for people like my niece who had babies beginning at age 13 and has never had a job in her life. How can this NOT outrage anyone - yet I know there are people out there who tell me to get over it, it's life, those other people are 'entitled' to our money. It's absolutely vile and disgusting.
1 ck to feds, 1 ck to state, divide last year's taxes into 4 payments...
You have your W2 showing very clearly those taxes were paid. MQ is responsible for those taxes
because you were a statutory employee. That is the responsibility of the employer to pay those just as though you were an employee.
Not an accountant
I am  not an accountant -- you can ask a financial advisor or someone.  I do have a business, business license - pay city business tax, etc. Registered name with the state.   So for me I can.  Also should clarify that what you can contribute does depend on what your income is after your business deductions.  I cannot claim all of the 10K that I contribue because after all my deductions my income does go quite low.  But I continue to contribute it to both an IRA and SEP so that I can maximize my deductions.  But being an MTSO/IC does give me more usable income because I do maximize my deductions and plan for the future.  
Man! Do I pay a lot for my accountant!
I've given him 22 of the best years of my life, two children, and I do most of his cooking!
But, seriously, my husband is a CPA, and yes, he uses TurboTax. He uses the professional version which has a few more bells and whistles, but that's what he's used for years, and that's what he recommends. In fact, he really wishes his "shoebox and paper bag" clients would just learn to use TurboTax. He has to do corporate returns by March 15, and those suck the life out of him. He doesn't even bother with anyone's personal returns until after March 15.
Unless you have a complicated list of investments, unusual expenses, multiple businesses, or nonprofit stuff to file, you probably would manage just nicely with TurboTax.
As for me, my return is already completed. If he doesn't do it now, he won't have time to finish it in April. I haven't done a tax return since I was 21 years old. :) Lest you feel jealous, know that he can't do a darn thing mechanical around the house, and he snores like a bear! Happy New Year, and Happy Tax Season!
I am going to be an accountant -
I will graduate in December with my associates degree and then on to a job somewhere out of transcription while I work on my 4-year and CPA.
MT to accountant?
I am looking at going into accounting (associates degree - obtaining it on-line).  Does anyone have any thoughts, opinions, ideas, suggestions, anything that might be helpful or useful to help guide my decision as to whether or not to pursue it?  It will cost me about $8000 over the next 2 years, but I will be able to continue to work full-time as an MT, though will be trying to juggle full-time MT, full-time school, and a 2-year-old, so it will be interesting.  That's about it.  Any opinions are well appreciated. 
per my accountant - and being on production

being on production, you don't know what you're going to make - so it doesn't apply to us.  In the beginning, I used to pay quarterly.  I now pay annually and the IRS just returned $3700 in overpayment to me for this year.  Yep, I just recently received a check back for overpaying my 2005 taxes!!!  As long as you pay and on time, the IRS lets us do this.  Been doing it this way for years now and I have no IRS problems *thank goodness*

Better get a better CPA/accountant if they don't tell you these things......or maybe different strokes for different states, but I don't think so.

I pay yearly also....per my tax accountant. sm
It doesn't matter as long as you pay - quarterly, yearly, etc.

You really need a good accountant. sm
SS# is fine. You will need to give your contractor a 1099 at the end of the year and deduct her income off of the top. That is a deduction for you from your gross.

Really, though, you need an accountant because things do tend to get a little tricky.

Good luck!
Check with accountant
Pay the money and get do a consult with an accountant so you can understand the basics and know what and what not to do.  The money is well worth it.   Or get an old copy of Turbo Tax for self employed to see what you can and cannot use for deductions.   All of my accounts use by SSN on my 1099 which will will receive from them and in turn prepare a 1099 for your IC or subcontractors.   Be sure that they meet the requirements for IC's.  Go the IRS website and this will give you some information but again I cannot stress with all of those who are starting out find a good accountant and get their expertise advice.  After 2 to 3 years of having my account handling my business, and our joint tax returns and advice, I am now able to do it on my own with Turbo Tax for the past 15 years but to begin with you need some expert advice.  I am not knocking you but it really sounds like you do not have an understanding of even the basics of how to handle the taxes and finances of your business so you need to do some homework and get some advice.   It is simple but again with his/her help you will know that what you are doing is correct and that will cause a lot less headaches in the years to come. 
Yep, me too. My accountant deducts these
every year and I am a regular employee, not IC.
Thank you. My accountant has given me advice.
He said I should pay the contractors less.

Yes, the point was for me to make money.

What I'm saying is that it is tough. Not just for MTs. It is a tough business right now. There are lots of companies who can snatch my accounts easily. MTs want more money, clients want faster TAT, I have to be able to afford my equipment and business overhead (and it is SLIM, very lean) but apparently I am the one who is supposed to do without.

Everyone keeps saying to just pay less. Then MTs will quit. Then I'll be forced to send work overseas.

It's a mess.

Appreciate your reply, though.

I'd get a new accountant. I work FT as an
employee, have since day one and I can itemize and claim everything but the self-employment taxes. 
Get an accountant...even H&R block will do.
I made the mistake of doing the taxes myself one year (TurboTax)and ended up getting audited for that year 2 years later. Luckily it only cost me $1200 but I'm sure it could have been much worse. I just go to H&R Block. At least if I get audited again, they'll handle all the work AND pay my fine if it's something they messed up on.
become an accountant or personal trainer
Although I dont make under 10$ an hour as an MT, try working more as my supervisors and managers have told me in the past when I have asked for a raise. In all seriousness, where do you work that you make that little?  Are you paid by the line and how much?  Switch companies, do not accept less than 8 cpl.  I saw an ad for MDI and they start you at 8.5 cpl.  IC's usually make 9+, if you do not need the insurance coverage.
Hmm. Every doc, nurse, attorney, accountant
I know is making WAY good money and none are working at McD's!!! LOL

I dunno know - leave it up to my accountant. That is what I pay him for. nm
See an accountant. I'm sure you saved your old income tax
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
I wouldn't file w/o an accountant. sm
I know some use Turbo Tax and the like with success, but I like the security of having an accountant tell me what I can and cannot deduct based on my personal situation and facts. You can find private CPAs that don't charge an arm and a leg and the amount is also tax deductible. Our CPA does our taxes and answers questions throughout the year for a very nominal flat annual fee. Well worth it, especially if you ever get audited.
Don't forget the accountant's/bookkeeping
Legal fees, Internet service, subscriptions, dues to organizations, repairs to equipment, % of office space, postage (if applicable), mileage (if deliver/pickup), advertising (if applicable), security system (burglar alarms, etc. if applicable),probably more I can't think of right now.
I suggest you seek out an accountant sm
Since you have no experience as IC, you really need to talk to an accountant. Honestly, that is the only way to be knowledgable about it. I had to do that 18 years ago when I started as IC. Each year, the tax laws are updated, new write-offs, things you were deducting can't be deducted anymore, etc.

I have had the same accountant now for about 12 years, and he is not that expensive. Last year, he charged $180. Not too bad.
I would call a tax attorney/accountant in
That's right. Would you give your plumber or accountant a raise?
Or, since they're a business and not your employee, would you expect they will raise their own rates when necessary?
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
Don't worry about what you have to pay an accountant. You'll make it up

I'm repeating what my accountant told me. Go argue w/him I guess.

He said find out what you need to make and then multiply that x 3.


I paid at least 30% tax last year, or more.  even with my piddly deductions.


Do u think a lawyer or accountant or doc has "QA" person - nope, if they screw up... they scr
As an MT, we know what our job is period. WE produce a report at 98% quality or better. This should be done without QA as we should take pride in our work and make sure it is correct. Of course, then again, we are "tested" for a job. Other professionals are not. I refuse to be. If a company mentions a "test" that is a big turn off for me.

Bottom line - know what you are doing and complete an accurate report (within 98% for human error rate which we all have) or learn another field... not a hard concept
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
Mine are in year-round thank goodness! They've started their new year 2 months ago.
Union diesil mechanic - good pay, great benefits. We swap year to year on who brings home more sm
money.....but I am an IC and he has all the benefits...health insurance/dental that the company pays for, pension plan, 401k, etc.  Factor all of that in and he makes way more than I do.
44-year-old WF, M, Texas, 3 grown kids, just had 26 year wedding anv.
nope, still crunching last few days of year to hit my 50k this year. how can you when you haven'
Nothing this year. We ALWAYS got a cool surprise in the past, but this year nothing. :-( nm
After I went to a 1-year MT course at a vocational school, it was so bad that I did the 2-year colle
Not only did I finally receive the proper training, but the woman on the advisory board hired and mentored me. I also joined the local AAMT and networked. Good luck. I know how frustrating it can be. A community college will have a good program to include medical language, MT courses taught by local MTSOs, business English, anatomy and physiology, pathophysiology, etc.
THANK YOU! That is my point. She still pays taxes, her DH still pays taxes...

so who exactly is getting cheated?  And just who are you talking about when you talk about whether it is "fair" or not.  I don't give a crap how much taxes my neighbor pays.  It's none of my business.  And if I found out they were paying less in taxes than me, I would ask them how they heck are they doing it so I can do it too!

I just want ask, is it necessary to get personal and insult?  You disagree with me, fine.  But I've been called a liar, a cheat, a no-ingetrity thief, my intelligence has been insulted, and I have had my parenting skills questioned.  That is a little over the top.  If you cannot debate an issue without resulting to personal attacks, then YOU are the stunted one!

It is a very good thing that some of you work at home, ALONE!  You are sorely lacking in people skills and diplomacy.  Let me guess, when you worked in the office you were one of those girls who didn't like to share her desk, griped if someone dropped a crumb on your desk, and kept track of everyone's breaks, lunches, and line counts just so you could tattle to the supervisor!  I've worked women like you, it was like working with kindergarteners.  That's why I came home to work.  Do us all a favor, looking in the mirror, count your wrinkles, and realize that this isn't high school anymore!

I think he makes $700,000.00 a year, and if they ask him to walk before his first year MQ has...sm

to pay him a cool 1 million dollars.  You can check this out at the Medquist website.   I think the CFO makes $350,000 a year, and the head of IT makes $250.000 a year.

P.S.  This does not include the perks, like expense account, car allowance, sign-on bonus, etc. 

Our 16 year old son has been working for a year now to pay for his truck.
He's learning how to sand and do body work and how the engine and transmission go together. My parents didn't buy cars for my siblings and I either. I had a 20+ year old beater car until I could afford to move up to a a newer one.

I see all the nice new cars parked in the high school parking lot every day. It's nice that so many disrespectful punk kids get handed something nicer to drive than what all the teachers drive. Oh, well. Honestly, I think most of them borrow Mommy or Daddy's car or are the child of a doctor who can afford to hand them everything.

Hopefully, my kids will take better care of their cars because they bought and built them on their own. You're not going to grow up to be responsible if you don't work hard for something and expect Mommy and Daddy to bail you out all the time.

Oh, my Dad lectured us on even allowing our child to have a vehicle because Dad didn't have one until after he had worked his way through college, lettered on the football team, got straight As, lettered on the baseball team, yadda yadda. He either walked or hitched a ride. Yeah, well, times were different back then, Daddy-O. LOL At least my kid has the opportunity to work and earn his own car.
IC - 30 hours week, $98K last year. So far this year - 28K. sm
Individual IC - own account(s).
Not me, owed last year, and expect to owe this year- sm
or break even, had more expenses this year. Only owed $200 but still don't want to owe at all. Need to start doing estimated tax payments again so I don't owe! Guess I will get off my butt and do that this year.
come on.. you cannot compare a 2-year-old and a 15-year-old
46/F I have a 9-year-old girl and a 12-year-old boy.
Got $$$$ back last year but this year
I have to pay them, sold a property I never lived in but I had enough sense to set aside $45,000 so just waiting on them to send me my WT2s so I can get started.