I need to know how to file taxes for being self employed!!?

Question

what can i write off? any helpful info appreciated! never filed before & dont know how!

Could someone please answer my other tax question???

Answer 1

The best thing for you to do is to consulte a tax advisor or get your taxes done professionally by someone who knows the tax laws. They seem to change ever year. You do not want to be audited by the irs. this is a nightmare.

Answer 2

Schedule C is for self employed. Also schedule SE and quite possibly the schedules for depreciation.

When you are self employed there are any number of business expenses to be deducted and also heath insurance. Things that can be depreciated, either all at once or over the life of the assets, include things that you would use in your business. Computers, automobiles, etc.

Business expenses that can be deducted include office supplies, heating and cooling, electricity, gasoline or milage, telephone, postage. Use your immagination.

Answer 3

Your going to need to pay social security as well as income taxes. You can down load forms from the IRS website. This must be the first year you've done this. I would hire and accountant. If you haven't been making estimated payments during the year, I'd guess you haven't there are probably going to be some penalties as well.

Hire a CPA to do you taxes and get started right now. Welcome to the real world.

Answer 4

once the IRS receives each and each of the necessary varieties revealed and made accessible to the everyday public you'd be able to fill out your 1040 tax go back and finished it wisely and signal it and mail it to the greatest IRS handle. The IRS gained't commence accepting and processing the 2010 federal earnings tax returns till the midsection of January likely around the 18th yet they have not presented the dates yet. filing them on line gained't commence till the midsection of January also. wish that you locate the above enclosed assistance sensible good success

Answer 5

Request the appropriate forms; ask the tax office any questions that you have. There are multiple write-offs when self-employed.
Too much required information to report in this forum.

Answer 6

Expenses, your gas for your car or you can get so much per mile if you kept track. You can deduct the expenses from a home office or the area that you use- but only the area used for work related things. Look up the IRS website.

Answer 7

talk to an accountant. it might seem expensive specially if they hand you a bill of $700 for services. but trust me, you will save that much and more by using them.

I have been self employed for 11 yrs now....I use to do my own taxes and always thought I did a good job on write offs, etc. Then a few years ago I didn't have time to do them so I let a local accountant do them for me.

He cut my normal amount I paid in by over half and saved me enough to pay his fee's and still be ahead compared to if I had done them myself.

There are so many write offs, mileage tracking, depreciation, law changes, etc that its impossible and almost worthless to attempt to do them yourself. SPECIALLY being a small business.

Answer 8

when you go to the one who prepares your taxes ask them how to file on the forms for self employed exemptions that way you can find out what you can do for your write offs

Answer 9

use turbo tax home and business. it will guide u step by step for all ur bussiness income and expenses. very simple to use (for self employment u file a schedule c (its included in the software) good luck

Answer 10

Let me Help you.


http://www.irs.gov/efile/index.html...

You may search this site for any of your information, forms and instructions that you need ONLINE.
You may download forms etc.

For a at-home business - you file a Schedule C - with your 1040,
and list your income and your expenses.
Note: only list part of your personal property for expenses.
pens, paper, computer - to record your expenses and prepare reports for yourself, telephone, travel - hey you have to drop those letters and pay your bills sometimes - plus you have to travel to buy stamps etc, so part of your car expenses are deductible on your schedule C.
Remember - for your personal items - never take more than the maximum about of 90% of that items to deduct it from your schedule C. So if you use your car - 50% of the time for your business - to run it properly, then 50% of your car expenses are deductible (gas, inspections, repairs, tires, window cleaners, car washes, oil, etc) are deductible on your schedule C.
Keep a record of what you pay for those items, and then take half to list as an expense on your schedule C.
If you car is paid off, and worth say $5,000 - then you take depreciation for your car - say over 3 years, at the 50% level.
So $5,000 = $2,500 at the 50% level divided by 3 years, so your depreciation expense for your car is $833.33 per year for 3 years.
And that is what's listed for 2006 for your depreciation expense for your car on your schedule C - if you had a car.
If you use all of your computer paper, and pens and ink cartridges for your business, then deduct those as SUPPLIES on your Schedule C at 100% of their cost.
If you have a telephone, and you use it sometimes for personal use - you may estimate the % for personal - say 20% of the time.
If you telephone bill for the year is $1,000 - then 80% of it is deductible or $800 goes to your Schedule C as telephone expense.

If you estimate any of your expenses (which at times you may have to do), write down your reasons for your estimate on a piece of paper that you will keep with your tax return information.

So prepare you taxes in the privacy of your home using the forms that you download from the irs.gov internet site,
and use whatever instructions you need to set up your Schdule C for small business.
Then after you're finished, and check your calculations again,
you may file electronically for free.
They ask you questions and you provide the answers on these sites - and my best word is FREE.
Now for free filing, yes FREE ELECTRONIC IRS filing - especially for those with low income, those of us with $52,000 or LESS CAN FILE FREE.

http://www.irs.gov/efile/article/0,,id=1...

If you have additional questions, please post them as additional advice needed on your question,
and I'll watch your site and answer them for you.
and my advice is free.

GOD bless us one and all, always.
CPA-retired
MBA-Boston University