Iam Self Employed and want to know how to file taxe's without a W-2 or 1099 how do i know what to pay if any?

Answer 1

If you are self-employed, you would not be issued a W-2. A W-2 is for employees only.

Without a 1099, ask yourself this question: Where did I deposit the monies I earned
as a "self-employed" person? If you answered your bank, add up all of the deposits,
and report all of it as your Schedule C Income.

If you answered, all I did was cash the checks, request a summary of the transactions
from the person who paid you the money. If he does not comply, you're out of luck.

Estimate.

Without a 1099, my suggestion is that you keep a diary of your income and deductions.

Why go through all of this trouble? All payers are required to issue 1099's for self-employed persons if the payments exceed $ 600.00. Demand that the person who paid
you to submit a 1099 to you and the IRS; if he does not, report him to your local IRS district office.

Answer 2

File Form 1040.

Attach Schedule C or C-EZ to account for the income and business expenses and calculate your net profit.

File Schedule SE to calculate the Self-Employment tax. SE tax is assessed at 15.3% of the net profit from the business activity.

Complete the Form 1040 and any other schedules for personal deductions, etc. and calculate your tax.

File your tax return and include a check for any tax due. If you wish, you can provide your bank details and the IRS will withdraw the money directly from your bank account.

If you have not been making quarterly estimated tax payments using Form 1040ES, there may be additional penalties and interest due to underpayment of tax. Tax on income is due when the income is earned, NOT on the filing deadline.

If you're not making those estimated tax payments, now is a good time to start to avoid further penalties and interest next year. The first estimated payment for the 2007 tax year is due on April 17, 2007. Three more are due on June 15, 2007, September 17, 2007 and January 15, 2008.

Answer 3

You won't need these documents, just fill out the necessary tax forms and pay what you owe.This is true only if you have a sole proprietorship business. If you have a partner, or employees, then you have to make out your own W-2's., as you are an employee.

Answer 4

Go to an accountant that deals with taxes and let him figure it out for you. Once he does, you can probably figure it out yourself in the future.