Taxes!

[Fat Strat]

I started my return today on Turbo Tax. I don't have my W-2 (left it at the office) or my wife's W-2. So, I filled in all 4 of our 1099's for our contract work, which doesn't have any taxes withheld. Right now we owe some serious money!

Good thing there's the whole child tax credit, itemized deductions, and the money that we've already paid in on our W-2's. Anyway, let the headaches begin!

[letsgocards89]

Just finished ours tonight. Luckily, no 1099 headaches this year.

[Freed Roger]

if everybody had to pay their taxes like independent contractors do - (write a check) there would be riots in the streets.

... -get everything you can substantiate as a deduction over to the Sch C - for example any out of pocket cost related to that work. -if you had some unreimbursed travel, or automobile expense using the mileage factor. Perhaps licenses or dues you pay in your line of work, office, supplies and equipment etc. Good luck.

[Leroy]

if everybody had to pay their taxes like independent contractors do - (write a check) there would be riots in the streets.

This is absolutely true.

[Popeye_Card]

I'm not sure if there would be riots, but I'm sure that the government would be owed trillions of dollars in uncollected taxes.

[Hungary Jack]

If you are working as an independent, you really should incorporate as an LLC or S-Corp.

[Fat Strat]

If you are working as an independent, you really should incorporate as an LLC or S-Corp.

I've thought about it but I don't pull in enough to make it worthwhile. My wife pulls in more, but again, it's not enough or the type of work to bother with incorporating.

We actually just increase our withholdings on our primary jobs to make up for what we'll draw in contracts. That way we avoid the quarterly payments (which I suck at) or writing some lump sum check at the end of the year.

There are probably some small issues with doing it that way, but I'm not smart enough to know what they are (or care).

[cardinalkarp]

We just did ours on Friday and it looks like we'll be getting back a little over 5k for federal and state combined. Its nice that my wife gets to write off so much stuff

[Popeye_Card]

I'm not sure if there would be riots, but I'm sure that the government would be owed trillions of dollars in uncollected taxes.

[lukethedrifter]

I just posted in the social forum that I have been unable to connect to turbotax online. Guess, I'll try later.