The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Independent Contractor need help with paying taxes and information on it.?

Okay so just another question on the Independent Contractor taxes.

1. Alright so when I pay for independent contractor taxes do I know that I have to pay them quarterly but do I pay them the same year that I get the money right away? Or do I wait till next year?

2. Next, irs.gov says you have to report all income over 400 dollars, so does that mean I start paying taxes once I hit 400 dollars or do I start to pay them at 600$? So am I just filing out some form once I hit 400 then another at 600?

3. Since the company since they only send out the 1099 in January how am I going to file one when i start to paying taxes this/next month? Do I start to pay them without the 1099? Or does it normally go out the following year?

If anyone can help me understand this all better it would help a lot thanks in advance. Any other information that can be provided would be nice to on what to do, and as simplified as possible thanks

Answer: 1. You pay right away. Each quarter you should estimate what your total tax for the year will be, then pay a proportionate amount.

2. You have to pay tax starting at $400, but each company that you work for only has to report to the IRS starting at a minimum of $600. This means that you might get $599 from each of a bunch of companies, and they wouldn’t have to send you a 1099, or report to the IRS, but *you* are still required to report it on your tax return.

3. You need to keep track of how much you make, as you go along, and pay the appropriate tax each quarter, without waiting for the company to send the 1099.

Good luck in your business. You may want to contact a good accountant or other reputable tax preparer to help you get started.

Kosher chicken is with four legs? Israel today

Home » Opinion » Kosher chicken is with four legs? Israel today Hassan Nasrallah, Secretary General of “Hezbollah”, said today at a presentation by the Special Tribunal for Lebanon UN prosecutors arrest warrants for members of the leadership of a terrorist organization, accused of preparing and implementing the assassination of Rafik Hariri in 2005. In his television speech, two days after …

Difference Between an Employee and Independent Contractor

Maya Avraham – Ein Li Od Makom

Question: 2009 tax amendment: wrong form?

I have a S-corporation. In my individual tax return, I reported income form business on line 12 and included schedule C. Now, I figured out, I should report it on line 17 and include schedule E. I recently received an e-mail from IRS for self-Employment Tax Liability. But, since I am employed in the S-corp and pay myself salary I don’t report any self-employment tax. So, Now how I can amend 2009 tax return or how to correct the mistakes. Thanks.

Answer: Did you file a return for the S-corp, or just put everything on your personal return? If you didn’t file for the s-corp, you need more help than the short answers on this forum can provide, see a CPA or enrolled agent. If you filed properly for the s-corp, you’d have gotten a K-1 from the s-corp showing you what to put where on your personal return, and could use that info to do a corrected personal return.

Ignore Tro’s wrong answer, as usual.

Ben. Re Quiggin, is there a

In reply to The Carbon Tax We Had To Have : Ben. Re Quiggin, is there a misunderstanding here? My point is that the much derided economist class have been considered only progressive insofar as they became non-economists and wore a political mantle, but this is and always has been unfair. Maybe the bad press will disappear as the Greens and others embrace what Garnaut, Stern, Stiglitz and others …

Self Employment — from the Kiplinger Family Records Organizer

Question: Will anyone help guide me as I start my new LLC business?

Help needed with tax and legal preparations-creaton of legal contract
Free mentor service request

Answer: SCORE is an organization of retired executives who volunteer their time to help small and start up businesses. There are offices in most US cities. You can find the office nearest you at:

www.score.org

Portsmouth area business calendar

Thursday in Portsmouth – eCoast mobile summit and eCruise: The 2011 eCoast Mobile Summit presented by TechWorld is an educational seminar focused on mobile technology, that will be held from 8 a.m. to 5 p.m. at the Sheraton Portsmouth Harborside Hotel,…

Free review of prior year tax returns

When You Should Change Your Withholding Tax

Your withholding is made up of three basic pieces of information. Changes in your household situation can have an impact on your tax situation.