Im a long island taxi driver which mean Im a private contractor and I dont no what to do to pay my taxes. Everything looks so complicated..any suggestions?
2007-07-04 11:43:50 · 3 answers · asked by charlottenwendynoreontiger 2 in Business & Finance ➔ Taxes ➔ United States
Keep good records of your income, and of your associated expenses. Take it all to a CPA (NOT someplace like H&R Block) when tax time comes. They'll fill out the proper forms and schedules for you. You will owe self-employment taxes (social security and medicare) of 15.3% of your net (income minus expenses). You'll also owe income tax to the feds, the state of NY and possibly local income taxes. Visit a CPA as soon as you can to find out what you need to do - you should be filing quarterly estimated returns and paying the taxes for that period. A CPA will help you with those.
2007-07-04 12:04:47 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Figure out your average monthly earnings. Then call the IRS and ask them how you go about paying your quarterly self employed taxes based on this average monthly amount. You will need to write them a check every three months. If you ared still not sure how much to pay then wait until the three months are up, figure out what you earned, call the IRS and have them help you over the phone. You can also go onto the IRS website and it will give you some sugestions, help and a calculations page to figure it out if you would be more comfortable that way instead of talking to someone.
2007-07-04 11:49:14 · answer #2 · answered by phxmilitarymom 5 · 0⤊ 0⤋
Do you go to Church? If you do, ask about the different programs they have to help people. They usually have a benevalance program, a prison ministry, write notes to shut in's, those that are sick and many other opportunities to do good for people. If you are not in Church, look for one that goes by the Bible, and baptizes for the forgivness of sin. You said "the things I do best seems to be useless things." Nothing you can do well is useless. What ever you are capable of doing, do it to the best of your ability giving God the glory and praise that he gave you something to be good at. If you are good at taking instructions and carrying them out, that is good. A lot of people can't do that. You said you have gotten more raises than people who have been working there longer than you have. So they must respect you and you must be doing a good job. Don't hang you head in sham, be proud of your accomplishments. We have people at Church that put the visitors cards and penciles in the back of the pews. That is a very important job and one that has to be done. They can't teach or do a lot of other things but they can do that job and do it well. It takes all kinds of different talents to make a Church run smoothly. If we were all good at teaching, who would do all the other jobs that need to be done? If you could go back to school, that would be great. Even a trade school would be good. Check the hospitals, see what education you need to be a paramedic. They save lives all the time. It might be something you would enjoy doing. That way you are helping people plus getting paid for it. Good luck and Blessings
2016-05-18 02:15:25 · answer #3 · answered by ? 3 · 0⤊ 0⤋