This year I will be filing with a 1099 instead of a W2. Is there anything else that I should let the people doing my taxes know? Is there write offs that I can now get that I couldn't before? Please help...like all of us I am trying to get my taxes as low as possible. Thanks
2007-01-24 23:31:55 · 5 answers · asked by Jim B 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you received a 1099, you are considered an independent contractor. Basically you are a small business.
Business expenses are wide and varied, so pull out all those receipts for pens, paper, envelopes, maybe even phone service, internet, etc, as they all might be claimable as business expenses.
Do yourself a favor and find a tax adverse CPA, not H&R Block. A trained professional should be able to help you find write offs, H&R Block is notoriously whimpy when it comes to reducing your self-employed tax debt.
Good luck and start saving!
2007-01-24 23:44:22 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
in case you have been employed as an worker you need to receive the W2. by skill of agreeing to a 1099 you're an self reliant contractor and could owe the government greater in SS withholding tax. i could insist on a W2.
2016-11-27 00:54:08 · answer #2 · answered by greenwald 4 · 0⤊ 0⤋
If you have an accountant, speak to him. Do you get a tax organizer or questionnaire from him? If not you need a new accountant. A good CPA will want to talk through your new situation with you thoroughly so as to get you the best deal and to make sure that he does not spend any more time doing your taxes than he really needs to.
2007-01-24 23:43:18 · answer #3 · answered by skip 6 · 0⤊ 1⤋
LOL, you are screwed unless the entire process was followed correctly......
1099 probably left you without paying social security AND taxes for the year. If so, prepare to get taxed like CRAZY !!!
IF you can claim the mileage, do it ! I claim it and it helps reduce nearly 50% of every dollar earned !
There are other write-offs you can use, just look them up and good luck ! Search, Search, Search for "outs" & loopholes !
2007-01-24 23:37:32 · answer #4 · answered by Falling to pieces 2 · 0⤊ 2⤋
Interest and dividends received.
Taxes and mortgage interest paid.
Charitable contributions paid.
Alimony paid or received.
2007-01-24 23:40:33 · answer #5 · answered by fcas80 7 · 0⤊ 0⤋