If you receive a 1099-MISC, what kind of paperwork or receipts should you file away during the year that would help with taxes and deductions? Is there a way to have money directly deducted from your pay to go towards taxes?
2007-04-16 10:11:53 · 2 answers · asked by Madonna U 1 in Business & Finance ➔ Taxes ➔ United States
1) You need to save every receipt related to the production of this income and track mileage (not including commuting) related to this income.
2) No. You are supposed to make quarterly estimated payments on your own.
2007-04-16 10:15:54 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
A 1099 is an independent contractor and you'll have to manage the money yourself. You can set up a separate account that you can transfer the necessary funds, it'll accrue some interest until tax time. Keep any receipts that are work related for deductions.
2007-04-16 10:19:12 · answer #2 · answered by Amy V 4 · 0⤊ 0⤋