Taxes. I'm confused.
Thread Starter
Nobama
Joined: Sep 2004
Posts: 6,961
Likes: 0
From: Sarasota, Florida
Taxes. I'm confused.
Ok, the rundown is.
I work for a company that hired me as an independent contractor.
I filled out a W-9 (i think) form, to stop the feds from taking %20 auto.
I normally do not pay any taxes, I never have. I always get everything back.
So... how to i go about my taxes for this year? I would assume I am going to file as a "home business" and claim my income. I should end up owing nothing...
Anyone know if there is anything i should do? Do i need to apply for some sort of IRS ID or something?
And do i need to start my own business, or is that already done? I don't really do anything and I don't need a tax exemption for purchases.
I work for a company that hired me as an independent contractor.
I filled out a W-9 (i think) form, to stop the feds from taking %20 auto.
I normally do not pay any taxes, I never have. I always get everything back.
So... how to i go about my taxes for this year? I would assume I am going to file as a "home business" and claim my income. I should end up owing nothing...
Anyone know if there is anything i should do? Do i need to apply for some sort of IRS ID or something?
And do i need to start my own business, or is that already done? I don't really do anything and I don't need a tax exemption for purchases.
Last edited by BetterBob; Jul 18, 2009 at 11:48 AM.
I
Joined: Jan 2001
Posts: 56,525
Likes: 0
From: Westside til I die
Have you paid any taxes on that income yet? You will have to pay some taxes on it...it's not scot free.
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Thread Starter
Nobama
Joined: Sep 2004
Posts: 6,961
Likes: 0
From: Sarasota, Florida
snitches get stitches
Joined: May 2002
Posts: 49,696
Likes: 1
From: Portland, OR
You're going to end up owing at the end of the year. I'm confused as to why you never end up owing. Are you below the poverty line or something?
Give this a try: http://www.irs.gov/individuals/page/0,,id=14806,00.html
Give this a try: http://www.irs.gov/individuals/page/0,,id=14806,00.html
Thread Starter
Nobama
Joined: Sep 2004
Posts: 6,961
Likes: 0
From: Sarasota, Florida
You're going to end up owing at the end of the year. I'm confused as to why you never end up owing. Are you below the poverty line or something?
Give this a try: http://www.irs.gov/individuals/page/0,,id=14806,00.html
Give this a try: http://www.irs.gov/individuals/page/0,,id=14806,00.html
"Based on the information you previously entered, your anticipated income tax for 2009 is $0"
W00t! And also, yes, I think my income is under the poverty line.
Last edited by BetterBob; Jul 18, 2009 at 06:55 PM.
Senior Member
Joined: Jun 2002
Posts: 14,544
Likes: 0
From: Holyoke, MA
how much did you make. if its under 600 dollars the company and you don't have to pay taxes. if its more then 600 dollars you will have to get a thing from your contract employer on how much you made.
BAZINGA!
Joined: Aug 2004
Posts: 21,613
Likes: 0
From: San Diego, CA
When I have done IC contracts, your worker gets HOSED! You are looking at 40-50% of that GONE. I had a lot of write-offs and barely level out with $3000 from the IC. It's a 1099 when you get it.
In CA you have to pay both sides of the state taxes. Employer and Employee portions
In CA you have to pay both sides of the state taxes. Employer and Employee portions
Thread Starter
Nobama
Joined: Sep 2004
Posts: 6,961
Likes: 0
From: Sarasota, Florida
When I have done IC contracts, your worker gets HOSED! You are looking at 40-50% of that GONE. I had a lot of write-offs and barely level out with $3000 from the IC. It's a 1099 when you get it.
In CA you have to pay both sides of the state taxes. Employer and Employee portions
In CA you have to pay both sides of the state taxes. Employer and Employee portions
I'm in Florida, I don't pay the state anything on income.
