Results 1 to 8 of 8

Thread: First time as an independent contracter and Taxes

  1. #1
    Curious Guest
    Joined
    Feb 2017
    Posts
    4
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default First time as an independent contracter and Taxes

    Okay, I really need advice. Taxes stressed me out before I started to stress and now I just want to hide in a ball and hope the IRS doesn't find me. I need advice. I have my bank statements printed but I was stupid, first summer stripping, and didn't save any receipts so I realize I probably wont be able to do deductions. But I need help with everything else. I usually use TurboTax online. Please. I need help before my anxiety destroys me.

  2. The Following User Says Thank You to LunaNyx For This Useful Post:


  3. #2
    God/dess BlkSharpie's Avatar
    Joined
    Mar 2008
    Location
    FL
    Posts
    3,076
    Thanks
    1,977
    Thanked 4,430 Times in 1,702 Posts
    My Mood
    Cheeky

    Default Re: First time as an independent contracter and Taxes

    Hrmm....yeah, really super important to save reciepts of anything you plan to deduct. Throughout the year, I took pics of all my reciepts and backed them up to Google Drive right away, and I also saved copies of any online reciepts to GD as well so that they were all there. I made a spread sheet to keep track of all my income and expenses too but....hahahahahaha yeah, so I ended up having to sit down and go through all my income and all my receipts to organize them. Pain in the ass. Swore Id be better organized this year, but its only Feb and Im already fucking it up.

    Anyway...I used FreeTaxUsa.com to do my taxes, my best friend turned me onto it and it really is amazing. It goes step by step, asks you the most basic questions inthe simplest way possible to make sure it gets every bit of information it needs to fill out all the required tax forms you need. Afterwards, it also checks over your results to make sure you are getting the max refund amount / not paying any more taxes than you need to. I was floored when I saw what my refund was going to be this year, and freaking out if I did something wrong, but my refund was approved and Im just waiting for it to be deposited now. FreeTaxUSA rocks.

    What will save your ass though are your deductions...self employed taxes are no joke at all....deductions will reduce the amount you owe by a lot a lot. I say, bite tbe bullet and do your taxes with what you have..and this year be super diligent in saving your receipts. Taking pics and also just having a box or whatever to shove them all in just to make sure you have them when the time comes is a good practice to get into. It will suck come tax time to organize it all, but at least youll have it.
    Don't blink. Don't even blink. Blink and you're dead. Don't turn your back. Don't look away. And don't blink!

  4. The Following 3 Users Say Thank You to BlkSharpie For This Useful Post:


  5. #3
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: First time as an independent contracter and Taxes

    Schedule C. Put in your income. Since you didn't save any receipts, unless you remember some purchases, you'll leave expenses at $0.00. That will then be your business income. That transfers over to your 1040 on line 12. From there proceed on.

    HTH
    Z

  6. #4
    God/dess arielbriel's Avatar
    Joined
    Nov 2010
    Posts
    4,942
    Thanks
    20,254
    Thanked 7,454 Times in 2,760 Posts

    Default Re: First time as an independent contracter and Taxes

    Just estimate how much you spent on expenses. Don't get into the habit of doing this and find a good accountant that is familiar with entertainer taxes and what is deductible.

  7. The Following User Says Thank You to arielbriel For This Useful Post:


  8. #5
    Moderator
    Joined
    Jun 2013
    Posts
    901
    Thanks
    635
    Thanked 1,519 Times in 585 Posts

    Default Re: First time as an independent contracter and Taxes

    You can in fact estimate expenses

    if you show decent income and pay taxes they do not tend to chase you

    If you show 100k in bank deposits and claim 98 k in expenses, you are going to get audited

    don't claim 100 percent of your car

    or cell phone

    next time save receipts

  9. The Following 2 Users Say Thank You to oldster For This Useful Post:


  10. #6
    God/dess BlkSharpie's Avatar
    Joined
    Mar 2008
    Location
    FL
    Posts
    3,076
    Thanks
    1,977
    Thanked 4,430 Times in 1,702 Posts
    My Mood
    Cheeky

    Default Re: First time as an independent contracter and Taxes

    Wow thats good to know expenses can be estimated...

    I would be afraid, being self employed and all, to not have the receipts to prove everything. But...it makes sense that there would be *some* business expenses, and if there is an audit as long as the amount is within reason the IRS will understand that....
    Don't blink. Don't even blink. Blink and you're dead. Don't turn your back. Don't look away. And don't blink!

  11. #7
    Curious Guest
    Joined
    Apr 2017
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: First time as an independent contracter and Taxes

    So I am so glad i found this. I am using turbo tax has anyone used this and if so where do i put my annual income? ahh its the last day and i have done soo many hours of research and am freaking out a lil lol thanks in advance xoxo

  12. #8
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: First time as an independent contracter and Taxes

    Quote Originally Posted by lolastar373 View Post
    So I am so glad i found this. I am using turbo tax has anyone used this and if so where do i put my annual income? ahh its the last day and i have done soo many hours of research and am freaking out a lil lol thanks in advance xoxo
    Assuming you are an independent contractor, use Schedule C for your dancing income. You will also have to pay self employment tax, so form SE will come in handy too.

    HTH
    Z

Similar Threads

  1. Replies: 8
    Last Post: 05-18-2017, 06:40 PM
  2. Replies: 8
    Last Post: 04-12-2006, 02:50 PM
  3. Replies: 1
    Last Post: 03-21-2006, 10:35 AM
  4. Independent Contractor and Taxes
    By AngelEyezXYZ in forum Dollar Den
    Replies: 6
    Last Post: 01-19-2005, 04:49 AM
  5. The paper said Independent Contracter but...
    By voodoo in forum Club Chat
    Replies: 6
    Last Post: 09-14-2004, 11:21 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •