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Posts Tagged ‘taxes’

Question: as an independent contractor (1099) is there a minimum amount that you have to make to file taxes?

like if i worked a job for 1 month and the employer only paid me $400 in wages, do i need to file taxes on that?

Answer: the min. is—.01

Question: i am using turbotax online and i need to do an amendment for a 1099-misc…?

turbo tax’s help is of NO help. it has yet to ask me for my non employment compensation that is reported on this 1099-misc. does anybody know what to do?

Answer: The 1099 income does NOT go on your return as other income if it’s non-employee compensation. You’ll need to fill out a schedule C or C-EZ, a schedule SE, and a form 1040.

If you’ve already filed for the year omitting this income, and have to amend, you’ll have to file the amendment by mail – can’t efile an amendment.

Online Taxes: Three Ways to Stay Out of Trouble

The Internet can simplify doing your taxes — but can’t replace good judgment. Here’s a look at your main online tax software choices and key issues to keep in mind, from import gotchas to professional consults.

Question: form 1040 ES vouchers?

I’m trying to fill out the 2008 1040ES form given this info:
2007Federal AGI: 237,000
2007 Federal Income Tax Liability: 41,500
Anticipated 2009 withholding: 30,000

I’m given a list of estimated tax payments for 4/15/08, 9/15/08, and 1/15/09.
How would I fill out the first voucher that is due 4/15/09? How would I figure my amount of estimated tax I’m paying?
Okay, I mean the 2009 ES

Answer: The hard way involves estimating what the 2009 tax liability will be. If you know that amount, multiply by 90%, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4. If you do not know the 2009 tax liability, then take the 2008 tax liability, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4.

Tax Q&A On Withholding, And Spouses Who Live Apart

Tax Q&A On Withholding, And Spouses Who Live Apart

Question: i have a credit card debt and the company said they were going to file a 1099 and i would have to pay the irs?

can they do this

Answer: I am not sure what you are asking. Is a credit collection agency saying this or is it a company that wants to hire you?

The short answer is yes, a company can hire you on a 1099 (versus a W-2) and they pay no taxes. I have been a contractor for 15 years and if a company (either directly or via a 3rd party like Kelly) hires you for a short term contract position (1099) which could go up to a year, they do not have to pay taxes. The burden then falls on you to pay the full social security, as well as any state and local taxes.

But, the government is watching for this type of abuse and to see if a company is simply trying to avoid paying taxes. If you are there for more than a year, that company could be liable for back taxes and penalties. It is called co-employment and the government frowns on that.

Norm

IRS issues loan write-down rules

With the Obama administration and private lenders now actively considering mortgage-principal-reduction programs…