Tax Question

[Boss Mare]

Any help would be appreciated, I have an email to my district manager and am waiting to hear her reaponse --

I worked at three locations in 2012. I received my W2 from my previous jobs. From the end of November 2012 - current I am with a new employer as an independant contractor (dog groomer).. I filled out a tax form when I started, a 1090?? They are not withholding taxes and I am to pay my own at the end of the year. I was saving about 35% from each check .. Single / 0 dependents.

My question is what form (if any) do I need to receive from my current employer before I am able to file my taxes?

Any tips for being an independant contractor? I am responsible for all my own equipment and supplies, so I have been saving receipts also.

Thanks!!

 

[targetsmom]

You should get a 1099-MISC from them by Jan 31 if you made more than $600 as an independent contractor in 2012. Since you don't file that form with your taxes, you don't absolutely have to get it, but they are required to file a copy with the IRS (by Feb 28).

You should be making estimated tax payments 4 times a year - Jan 15 for the previous year, then 4/15, 6/15 and 9/15. Go to the IRS website and look for estimated tax payments. I am also an independent contractor and made one a bit late one year and never got a complaint. But if you haven't sent in at least 90% of your final tax bill, you will get hit with a penalty. You will also need to make FICA (Social Security) payments yourself AND pay the usual employers contribution.

This is just my experience - I am NOT a tax advisor, so you might want to check with one.

 

[Boss Mare]

Thanks so much!!

 

[Carolyn R]

Y'ep, after my husband's workplace closed in September, he was doing independant consultant work for a few months. The taxes were due on the 15th of January. There are the forms online,worksheets that helps you itemize, break it all down and so on, then there is a table, which is more like a short form that you can just multiply your earnings by a percentage and send that amount in. The worksheets are more geared towards individuals that do this long term. What you have set aside should be more than enough. You do not send any forms back to them, what you do send in is a check with your social security number in the memo section as well as what tax you are paying along with a ticket you fill out for the corresponding quarter, with just a couple of lines of info on it. The ticket can be found online with the worksheets.

Can't wait for him to start his new job next week, the consultant work payed great but was intermittent and temporary, and unemployment really isn't geared towards individuals that try to help themselves, even if it is only a few weeks of work rather than collecting.There were a few weeks he had no work and unemployment still has not paid him. Typically, someone that is doing consultant work long term can not collect unemployment, but his was brief, with it being temporary from the start, he is eligible for unemployment for the weeks he had no work, but they have yet to complete their end of the paperwork, it a joke.

 

[AngC]

I don’t think there is a 1090 form. Perhaps you’re thinking of the W-9?

After I quit my job, I did some independent contract jobs. Tax preparation was a nightmare (I don’t have the patience for oodles of forms.) Have you considered getting tax software? I use Turbo Tax; I still end up wanting to tear out all my hair, but TT does make it a bit easier.

I HATE when tax time rolls around. Instead of all this complicated mess, I wish the government would just send me a nice letter telling me: “Congress needs a raise, send 60 percent this year; shut up and sign the check.” Then I could go fall off a fiscal cliff and be on about my business.