2007-01-26 10:41:19 · 7 answers · asked by bella 1 in Business & Finance ➔ Taxes ➔ United States
Not sure what you are asking because you didn't finish your question. But here are some tips. If you are self-employed, that means you do not have an employer withholding your taxes from your income. So, you have to do it yourself. You need to estimate what you will make during the year and how much tax you think you will owe, and then pay that amount to the IRS and your state treasurer in quarterly installments. You can choose to not pay the quarterly estimated tax, and just pay your taxes in one big lump on April 15, but then you'll get penalized.
When you file your taxes, you'll have to do at least a Schedule C for business income. This is where you'll declare your earnings and business deductions.
If you don't feel comfortable doing this yourself, then I recommend a program like TurboTax. It will print payment coupons for your estimated tax. Or you can hire a tax consultant or accountant, but that will be expensive.
Good luck!
2007-01-26 10:56:11 · answer #1 · answered by MamaBean 3 · 0⤊ 0⤋
You will fill out a schedule C or C-EZ to show income and expenses from your business, and a schedule SE to figure your self-employment tax on your income from your business. The bottom numbers from both forms will transfer to your 1040 where you'll figure your total taxes owed.
2007-01-26 22:19:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
the IRS and make sure you file state taxes as required by your state. you probably need to speak with someone. Forms are also available at Post Offices, Libraries, etc. But talking with a knowledgeable person is paramount as penalties for errors are costly. Good luck.
2007-01-26 18:54:38 · answer #3 · answered by rainbowtabby 2 · 0⤊ 0⤋
Get the forms at your local post office or library.
2007-01-26 18:50:00 · answer #4 · answered by notyou311 7 · 0⤊ 0⤋
If you dont know how you can do your own taxes then I would suggest that you use turbotax.com or take it to other agencies to do it for you, but I suggest turbotax, its cheap and you get your refund in 2 weeks, its easy, they walk you through everything
2007-01-26 18:48:09 · answer #5 · answered by u_luv_mee_mee_4ever 1 · 0⤊ 0⤋
My self employeed friend just keeps record of everything, and at the end of every quarter, she takes it to H&R block.
2007-01-26 18:51:43 · answer #6 · answered by Anonymous 2 · 0⤊ 0⤋
www.irs.gov
2007-01-26 18:47:41 · answer #7 · answered by Todd C 3 · 0⤊ 0⤋