1099 Misc + 2 other jobs?

Question

Hi all,

I worked at UPS for a year and i have about 5000$ net and around 400$ that should be returned to me

i also worked at a restaurant and made 7000$ net and should get back around 500$ from that job..

i also worked as a self contractor and made 7000$ on a 1099 misc form..

my question is where can i get some information on what numbers i will need to know before brinigng my 1099 form to a tax office.... I used alot of gas and money on repairing my car due to being on the road alot...

i cant get turbo tax to work right because I have to keep downloading stuff and the upgrades dont work and its really confusing...

basically im stuck on how to deduct from my 1099 and what i need to know..

im coming short on time and thinking about going to HR Block and just saying w/e... the real place I wanted to go to is in Miami but I dont have a ride anymore..

any help is appreciated

also does anyone know what the limit is before you have to pay the state? :o

I am a little scared/confused...

Now that I understand this, if i had a garbage bag full of receipts that I should take them in and let them do it all..

i have been using my debit card most of the time so it actually only appears on my bank statement and I dont have a paper copy of any receipt, same with my car repairs, i have invoices but they were charged off my bank, i think everything i did was charged out of my bank...

i hope i dont end up paying i should be receiving 1000$ from UPS+Restaurant but i dont know how i am going to prepare for my 1099misc...

will i be able to do deductions at all at a normal tax office without receipts?

i know one of you said you go to a private tax preparer, would i be able to get one of those people to do my taxes without receipts?

my worry is basically paper receipts because I did everything through the debit card.... and would a tax office now be the wrong place for me to take my 1099 to because i dont have receipts?

:( :( :

YOu will have to pay self employment tax on the gain of your business.

i didn't pay any taxes at all from the 1099 form... i wasnt running my own business but working with someone who is doing so...

so i was just on the road and making money as there only is these expenses for me:

Gas, Car Repairs, and small office supplies (pens,paper,letters,glue everything)....

if i can highlight these on my bank statement that will be great, the problem is that it wont show that that's all that i bought so im scared, im gonna be calling a tax professional today to see

I was told I don't need receipts anywhere, I was told I can walk in with Numbers on a piece of paper and if the IRS chooses to audit me then i'll need receipts for the proof(basic point of them)

how in the world am i going to pay more income tax for a 7000$ 1099 over 2 jobs of 12000$ with taxes deducted and 1000$ i should get back...

i spent well over 1000$ on gas and 500$ on work supplies for my other job and i only worked 180 days.. i think your information is wrong if i have to pay taxes, maybe not, im so confused lo0l...


my basic question now is I can walk into HR Block with a piece of paper with the "VALUES" of my deductions and that is enough for me to file taxes on my 1099 correct?

Answer 1

What you can deduct for the 1099 income depends on what business you're in. Basically, expenses necessary to earn the money are deductible. As far as your car, you need to have kept records of what use was personal, what use was business, then you can deduct either mileage for business use or a percentage of the costs of owning and running the car.

If you go to a preparer, it will cost you a bundle if you just dump a bag of receipts on their desk - at least list them separately, categorize them, and total each category or you'll pay for their time to do it. But by the time you've done all that, you're pretty much ready for TurboTax entry.

If you don't have quite a few eligible expense deductions for your business, you'll likely have to pay, since just the self-employment tax on the 1099 income would more than eat up the $1000 refund from the two jobs, and you'l also pay income tax on the 1099 income depending on your filing circumstances.

Answer 2

You should gather your bank statements and breakdown what is for business use into categories and total them up for the year.

Take them to an HR Block near you and ask to speak with someone who is experienced with filling out Schedule C's

We do not need your receipts just your totals you will need proof of expenses only if you get audited the IRS would ask for them if ou take the time to sort your bank statements that should work.

I always recommed to my clients who have their own business not to comingle their funds. Open a sperate checking account for the 1099 income and run it as a business put all your income and expenses for this business on this account.

Did you pay any estimated taxes on your 1099 income?

YOu will have to pay self employment tax on the gain of your business.

Don;t worry and take your stuf to HR Block talk with them if you don't feel comfortable with the Tax pro helping you ask for someone else or go to another office. Make sure you are comfortable with them and ask all the questions you need to be comfortable. any tax pro worth their weight should work hard to expalin how the process works and give yu guidence to make the process easier next year. Some offices are open all year so you can call and ask questions.

Answer 3

Go to the library and get an extension form. Since you are going to a professional take all your receipts and they will figure it out that is why you are paying for it. If you owe the state if you can afford to pay all of what you owe sent it in now. We the professional does your taxes you can choose a payment plan will be printed out for any amounts owe. You don't know who much you owe or they might can figure it out in a better way. I prefer a license private tax preparer. The mileage rate for your has a test before you can get credit. IRS can take the money if you owe too.

Answer 4

You must not use Form 1040-EZ. Anyone with non-employee compensation from Box 7 of Form 1099-MISC is not allowed to use Form 1040-EZ. You must use the regular, full length Form 1040, with no "A" or "EZ", and you must also include either Schedule C or Schedule C-EZ. If the amount of non-employee compensation from Box 7 of Form 1099-MISC is $400 or more, then you must use Schedule SE, and the regular, full length Form 1040, with no "A" or "EZ", and either Schedule C or Schedule C-EZ. If it is less than $400, then you don't need the Schedule SE. The W-2 income goes on the salary, wages, and tips line of the Form 1040. The 1099-MISC income goes on the business income line of the Form 1040, and on the applicable lines of the Schedules.

Answer 5

I had a 1099 and I went to H&R Block and they just took care of everything for me. I am glad I did because I wasn't doing the withholding on the 1099 right. Just gather everything (tax forms, receipts, etc) and take it to them. I think you'll be glad you did.

You can also go on their website and get the number of your local office. Then call them and ask them what to bring.

Good luck! :)

Answer 6

My fiance is self employed too. He had a 1099 of $14,000.00 for the year and he had to pay in after gas and other things about $2,000.00. I am guessing about $1,000.00 or less depending on the millage of your car and gas tickets you saved along with your mechanical uses. With the money you are getting back from your other jobs, you should be covered. You might not have any money left, but at least you won't have to pay in.

Answer 7

You don't say what state , they vary.
you'll need the mileage that you used your truck for work and have a mileage log or all [or as many gas and repair reciepts as possible and the total # of miles driven [ work, commuting, pleasure] also any reciepts for advertising, expences etc. for running your business good luck