United States - August 2006

For my entire career as a contractor, I have worked on a W-2 basis. Recently, I was offered a contractor job, but they will hire me only if I agree to a 1099 basis. As someone who has never dealt with this form of compensation/tax before, what are some things that I need to consider if I accept this job? For example, how much paperwork would I need to fill out for tax purposes (mileage, business lunches, business travel, etc.)? Also, if they do not withhold any taxes from my paycheck, then what percentage of my pay should I set aside for tax season?

Thank you.

2006-08-21 07:13:18 · 8 answers · asked by Anonymous

which service e mail do i contact @irs to get info on how to obtain an Internal revenue tax ID number?

2006-08-21 06:06:29 · 2 answers · asked by fred.peebles@sbcglobal.net 1

Hi, I just bought a house on March 2005, and I filled my 2005 tax return through TaxCut software. I have almost $6000 on the form 1098 for mortgage interests, through the software, I only got $1500 refund, does this make any sense. I am married and filled the return separately, since my wife is on tax exempt status for 2005. My wage on W-2 is around 40000, and my federal tax withhold is around $4700. Thank you in advanced for any advice.

2006-08-21 05:17:31 · 7 answers · asked by ezstudio2006 1

2006-08-21 01:57:56 · 4 answers · asked by bubba 2

I will be doing payroll for a new restaurant and need to know what forms are required monthly & quarterly. Please be specific as to form numbers, etc. Thank You.

2006-08-20 18:41:48 · 2 answers · asked by Cathey S 1

my fiance is getting the short end of the stick on his paychecks and was wanting to know how many exemptions can he legally claim on his w4 so less is taken out of his checks

2006-08-20 18:41:16 · 7 answers · asked by tazkat75 1

2006-08-20 16:14:07 · 3 answers · asked by Anonymous

2006-08-20 15:38:12 · 5 answers · asked by jonseyboy 1

I have been overseas for 5 years (private employer). At least one of my daughters has lived in our house, we have paid taxes (state and local real estate) and our mailing address for correspondence is still the house. Can I still claim the exemption on profits if I see the house now?

2006-08-20 14:44:29 · 3 answers · asked by fabdog7 2

2006-08-20 12:06:37 · 3 answers · asked by B 1

I can't find info on it anywhere. Anyone know when it starts? School clothes shopping to do.

2006-08-20 11:07:01 · 4 answers · asked by LoveMyPitBull84 2

2006-08-20 10:36:09 · 10 answers · asked by cesar_roger 1

For my entire career as a contractor, I have worked on a W-2 basis. Recently, I was offered a contractor job, but they will hire me only if I agree to a 1099 basis. As someone who has never dealt with this form of compensation/tax before, what are some things that I need to consider if I accept this job? For example, how much paperwork would I need to fill out for tax purposes (mileage, business lunches, business travel, etc.)? Also, if they do not withhold any taxes from my paycheck, then what percentage of my pay should I set aside for tax season?

Thank you.

2006-08-20 10:14:50 · 12 answers · asked by Anonymous

I'm a part-time nanny w/inconsistent hours & income. Usually working less than 20 hours a week.

2006-08-20 10:08:49 · 6 answers · asked by Kimbie 1

It is my understanding that I may be able to include the cost of the insurance as a business expense if I pay for it as part of my business. I have not incorporated or anything like that--I just work on my own as a consultant with my computer, phone and my brain. I use my ss# as my tax i.d.

I'm confused by what it means to have my business cover the expense--I am "my business" and just pay for things like I always have.

Thanks for the help.

2006-08-20 08:11:39 · 9 answers · asked by Jodi S 2

2006-08-20 07:00:46 · 5 answers · asked by Anonymous

As many people that don't pay taxes, I think it would benefit the economy because if you have a higher fixed tax on goods then everyone would have to pay. This would let us retrieve money from all the people dodging taxes, paying under the table, and illegals working in the country. Let's face everyone has to eat and buy clothes. So, we would actually benefit because there would be no way out of paying taxes. Plus thought of making 50K a year and taking home 50k would promote more spending and boost our economy because our economy is driven by consumer spending. Just a thought!

2006-08-20 05:46:28 · 4 answers · asked by Anonymous

Assume that a person wants to live just outside the Connecticut state line in New York state but commute into Connecticut for work.

2006-08-20 05:32:44 · 4 answers · asked by wgoulart 1

Do I need to report it as income.

2006-08-20 03:40:20 · 5 answers · asked by Randy 3

How can you get this credit, and does it really effect the amount you receive?

2006-08-20 03:38:31 · 3 answers · asked by noggle4 2

2006-08-20 03:20:59 · 4 answers · asked by studentdude 1

2006-08-20 01:59:06 · 1 answers · asked by mindeeathome 2

2006-08-20 01:42:56 · 8 answers · asked by Anthony S 1

2006-08-19 21:50:43 · 4 answers · asked by jindp1 1

2006-08-19 18:03:46 · 12 answers · asked by David O 1

My brother has received a large check from participation in those scams where a foreigner pays you 10% of every payment to collect their payments, cash them, and wire them the rest of the money. The check is real, as are the funds. The only thing is, is that if he sends off the money, he will be commiting money laundering and he can't get rid of it now because it's already in his account. Could he keep it as long as he records it on his tax forms and pays the taxes on it? If he did that, would he still get in trouble by the IRS? Will he have to prove where it came from? What will happen?

2006-08-19 17:45:11 · 7 answers · asked by Anonymous

Is this true. I am 27, and single, I did not make much last year because I was disabled from a car accident. I was not even able to collect disability, the insurance company did not pay out. I had to live off my savings. So I only made money last year for about 6 months, do I still have to do my taxes? If yes, or no, how much must I have made that makes me file taxes, and how much is it to not file taxes? Also, do I have to claim the interest I paid on my home, or is that up to me, and benefits me if I want to use it right?

2006-08-19 17:03:36 · 15 answers · asked by Tracy L 1

I own 2 homes, however, I rent them. I was disabled last year from a car accident for say 6 months, and made nothing, so my income was super low for only 6 months. I do have tenants that rent from me, both homes, and I don't make a penny off of it except to pay the mortgage. I know I can use the interest paid as a deduction, and that is to my benefit, but do you have to? I don't know what to do, if I do use it, then it looks like I paid that mortgage out of my pocket for the year and I did not make enough to even pay that mortgage, so how should I go about doing my taxes? Say I made something little and claim the average allowed deduction, or say I made something, and claim my huge interest deduction wihch will make it look like I made enough to pay that mortgage which I never did. My question is, do I have to claim the interest as a deduction, or can I leave it, since it only benefits me, and not the governement.

2006-08-19 16:56:32 · 11 answers · asked by Tracy L 1

this is cocerning taxes of a restaurant closed 5 years ago

2006-08-19 13:52:56 · 4 answers · asked by william m 1

What do you do to make sure that you are keeping the money legally? For example, do you file it on your taxes, and if you do, are you required to show proof of where it came from or could it just be filed as an asset? What else might you need to do?

2006-08-19 13:44:24 · 6 answers · asked by Anonymous