The Small Business Tax Help Blog

Posts Tagged ‘independent contractor tax forms’

Question: How do I file taxes as an independent contractor? What forms do I need?

So I was hired as an independent contractor in February and was unaware that I needed to file my taxes quarterly. What forms do I need? Can I use Turbotax? Are there any guides online? I keep getting different answers and I am looking for some straight answers. I get paid on the 15th and 30th of every month. I think there is a penalty for missing the April 15th deadline, how will I access that?

Please dumb it down for me as much as possible

Many thanks

Answer: Use form 1040ES to file your quarterly estimates. If on the next due date you send enough extra to cover what you should have paid in April, you’ll most likely slide through on it.

You’ll pay not only the income tax you expect to owe, but also self employment tax of around 15% for social security and medicare. And don’t forget your state and local area – if they have an income tax you most likely must pay those quarterly also.

State shutdown has minimal local impact

While operations in some government agencies have ceased following the state shutdown on July 1, local residents needn’t worry about losing any city services as a result.

Contractors P60 why you need to keep it safe

Question: what tax forms do i have to fill out to hire someone to coach my sports class for 1 week in california?

I own a sports coaching business and am going away and need someone to teach my classes for a week. How do i pay them? i guess they will be hired as an independent contractor!

Answer: I agree with Josh.
However, before the payment you need to have the person complete a W9. It’s basically a statement that says the person understands they are an independent contractor and their tax id (SSN or Corporate ID)

POLITICAL HOT TOPICS: Friday, May 14, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. WASHINGTON/POLITICAL For the latest political news: www.CNNPolitics.com CNN: Congressman to launch inquiry on how much oil is gushing into Gulf A U.S. congressman said he will launch a formal inquiry Friday into how much oil [...]

You vs. IRS part 1

Question: What tax forms do I need independent contractors to fill out for my small business?

I am starting an online tutoring business and hiring my tutors as independent contractors. Do I need them to fill out an IRS forms with me when I hire them? What do I have to do accounting-wise for my employees?

Answer: 1099 R

Work-Product Battle Reaches Supreme Court

Lawyers for Textron Inc., an aerospace and defense contractor, have filed a petition for certiorari in a closely watched federal tax case, asking the U.S. Supreme Court to resolve a substantial circuit split over the interpretation of the work-product privilege in Federal Rule of Civil Procedure 26(B)(3). The U.S. Chamber of Commerce and the Association of Corporate Counsel have submitted amicus ...

WEB ALERT: California Independent Contractor Withholding Proposal