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View Full Version : Need advise


laurarenee
12-04-2011, 08:04 AM
I have only recently been working online reading and now
I'm finding tax season a bit of an issue
could someone suggest what deductions to look for
and if getting a TIN number would be advised for the future
thank you


previa74
12-13-2011, 11:56 AM
I would also be interested in knowing more about how psychic contractors deal with tax season. Can anyone recommend a good book on the subject or website on how much to save during the year in order to pay taxes? Any tips or tricks that may help? I'm specifically referring to filing 1099-MISC in the united states. Thanks ;)

WardenofMagick
12-20-2011, 08:40 AM
!099-Misc articles:
1099 Forms - 1099 Tax Form - What is a 1099-MISC Form (http://biztaxlaw.about.com/od/independentcontractors/tp/1099facts.htm)
What is a 1099 misc- IRS Federal Tax Form 1099? 1099 efile - 1099 Online (http://www.articlesbase.com/accounting-articles/what-is-a-1099-misc-irs-federal-tax-form-1099-1099-efile-1099-online-5313357.html)

General Tax information:
Self-Employment Tax (Social Security and Medicare Taxes) (http://www.irs.gov/businesses/small/article/0,,id=98846,00.html)
Publications and Forms for the Self-Employed (http://www.irs.gov/businesses/small/article/0,,id=115044,00.html)
Publication 505 (01/2011), Tax Withholding and Estimated Tax (http://www.irs.gov/publications/p505/index.html)

I hope that has helped. :)


previa74
12-20-2011, 12:13 PM
Thanks so much! That gives me a good place to start. I appreciate it :D

coachkat
12-22-2011, 08:23 PM
I use tax software and I do NOT ignore any section or sub-section, as they usually all indicate some sort of deduction or credit. I usually get more than $7,500 refunds for the past 3 years because I pay attention to those sections in the tax software. They may seem difficult and you may need to drum up some receipts, or do some major calculations that seem like they will take too long, so you are tempted to skip them. DON'T.

I have used the H&R Block TaxCut software, as well as the Microsoft tax software, they both work well with this. Just be sure to get the right version, the one that helps self-employed individuals.

I hope that helps!

previa74
12-23-2011, 07:33 PM
your advice helps as well but do you also use an online or purchased software that helps you keep track of sales etc...as the year ticks by? Just curious. Thanks again for your help. Your website is really great and I wish it existed 3 years ago when I started up in this business. It will definitely help a LOT of people. What you're doing is invaluable to beginners in this industry.

I use tax software and I do NOT ignore any section or sub-section, as they usually all indicate some sort of deduction or credit. I usually get more than $7,500 refunds for the past 3 years because I pay attention to those sections in the tax software. They may seem difficult and you may need to drum up some receipts, or do some major calculations that seem like they will take too long, so you are tempted to skip them. DON'T.

I have used the H&R Block TaxCut software, as well as the Microsoft tax software, they both work well with this. Just be sure to get the right version, the one that helps self-employed individuals.

I hope that helps!

coachkat
12-26-2011, 12:46 PM
Yes, I have Microsoft Money software, similar to Quicken, that allows me to track my expenses, categorize them as I input them, and chart my budget throughout the year. It also allows for segmentation of my different businesses and different bank accounts. I can even create invoices and track payments. At this point, I am looking at getting a bookkeeper as this part of my businesses is becoming too time consuming and it may behoove me to outsource this after this tax season.

Ohhh, the joys of expanding and growing a business...lol.

Another tax prep software that is good is Turbo Tax. I usually go with Turbo Tax or Tax Cut. I can usually import my information from MS Money into the tax software, but if you don't have ALL your expenses categorized correctly, then you will miss out on completing your tax returns with the most deductions, and may not get all your refund and tax credits back. So, for the first time, I'd say print your reports from MS Money, then use them to complete your tax returns.

And, thank you for your feedback on my website, I appreciate it!



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