Taxes

[d0odx]

this is my first time paying taxes on income i have made from ref programs and things of the sort.<br />I filed as an independent contractor, and i was wondering about how you guys deal with taxes? Im sure a lot of you are considered companies and probably most are in the same situation as me, independent. <br /><br />Anyone ever run into problems? or got any comments?

[TheRookie]

The best advise I can give is consult the services of certified public accountant. If you made decent money this past year you are going to want to itemize your expenses (I hope you kept receipts). Things such as mileage, office space (home or outside office), server fees etc. can be written off as well as a portion of your utilities etc if working from home. <br /><br />If you haven't made quarterly payments throughout the year expect to pay a decent amount (of course this depends on what you have made). Social Security taxes alone will shock the hell out of a webmaster filing for the first time. I know I am paying a HUGE tax bill now from 2001. <img border="0" title="" alt="[Frown]" src="frown.gif" /> <br /><br />Bottom line.. A good accountant is the key.<br /><br />Good Luck..<br /><br />The Rookie

[kingping]

I only made 4k the whole year, i dont even think that is enough to file

[d0odx]

rookie, do you use a CPA or do them yourself?<br />I feel like if i went to a CPA they wouldnt give a squat about me.<br />Its not THEIR taxes you know?

[shane94]

I asure you get a good CPA. don't go to H&R Block or shit like that. Go to a independent CPA that does not work for a chain. These guys will work harder for you then anyone. I got a stack of canceled checks/credit card statements/paypal recipts/money orders that I have paid people and in no way could i myself keep up with all this. Taxes can be very trying on you so again I urge you to get a CPA.

[TheRookie]

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by d0odx:<br /><strong>rookie, do you use a CPA or do them yourself?<br />I feel like if i went to a CPA they wouldnt give a squat about me.<br />Its not THEIR taxes you know?</strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">Yes I do use a CPA I would be lost without one. As Shane mentioned in the post above don't go to a chain group find a smaller independent CPA. I was lucky because mine is a friend that has been in business for a long time. Ask around.. Does your family or friends recommend anyone? Perhaps someone else on this board in your area. Good luck..<br /><br />The Rookie

[WiredGuy]

You can declare the money you made as other sources of income (usually under small business). If you earn something over $15k though per year, its a good idea to incorporate to get the tax benefits. Either way, talk to an accountant, they know best and will give you advice to save you money.<br /><br />WG

[d0odx]

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">You can declare the money you made as other sources of income (usually under small business). If you earn something over $15k though per year, its a good idea to incorporate to get the tax benefits. Either way, talk to an accountant, they know best and will give you advice to save you money.</font><hr /></blockquote><font size="2" face="Verdana, Arial">So do this require that you are registered and have a business name /tax id etc ?<br />Since im new to this, u can prolly tell that im sorta foggy as how it works.<br /><br />i really appreciate the replies.

[WiredGuy]

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by d0odx:<br /><strong> </font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">You can declare the money you made as other sources of income (usually under small business). If you earn something over $15k though per year, its a good idea to incorporate to get the tax benefits. Either way, talk to an accountant, they know best and will give you advice to save you money.</font><hr /></blockquote><font size="2" face="Verdana, Arial">So do this require that you are registered and have a business name /tax id etc ?<br />Since im new to this, u can prolly tell that im sorta foggy as how it works.<br /><br />i really appreciate the replies.</strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">There is usually a section on your returns which indicates "other income". Put your self-employed earnings there. You don't need to be registered as a business for this, its considered self-employment income. Before I get myself into any legal problems, I am not an accountant and any advice I give here may be inaccurate. Check with a certified accountant to make sure.<br /><br />WG

[Shianna]

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by TheRookie:<br /><strong> Social Security taxes alone will shock the hell out of a webmaster filing for the first time.</strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">UH HUH!!! <br />2001 was my first full time year that I had no other sources of income and I'm getting socked with the DOUBLE social security for being self employed! <img border="0" title="" alt="[Eek!]" src="eek.gif" />

[bigdog]

just wondering does anybody here use any of that tax software do their taxes?

[ADIDAS]

I use my accountant, but unfortunately I made money last year! Couldn't claim a lose! Sucks, now I gotta pay!<br /><br /> <img border="0" title="" alt="[Frown]" src="frown.gif" />

[d0odx]

just for an estimate... What kinda %s do you guys have to pay, of your income?<br /><br />Im happy cause i didnt make Jack squat last year, but im afraid for the next filing.<br />=///

[TheRookie]

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by d0odx:<br /><strong>just for an estimate... What kinda %s do you guys have to pay, of your income?<br /><br />Im happy cause i didnt make Jack squat last year, but im afraid for the next filing.<br />=///</strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">All said and done I pay around 45%. Make estimated quarterly payments and you will have less to worry about with your next filing. <img border="0" title="" alt="[Wink]" src="wink.gif" /> <br /><br />Have a great weekend<br /><br />The Rookie