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Thread: Newbie tax filing...1040 ES and 1099.

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    Default Newbie tax filing...1040 ES and 1099.

    NYC newbie dancer; I started dancing end of May but I've only worked 5 nights since. I've been reading various posts about filing taxes and I just want to reiterate what I saw to make sure I've got it. My roommate has been working at the club I started at since last year and she was sent a 1099 form this year stating an amount for the VIP rooms she did.

    So what I need to do is file quarterly 1040 ES forms with 20-30% of my estimated income (cash tips and VIP money I keep track of), and next year's tax season I would fill out a Schedule C form and attach my 1099 to that.. (and my 1040 ES?)... Does that sound right? I feel like I don't have it all down but the more long posts I read the more confused I get..

    Thanks to anyone who can help!!

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    Default Re: Newbie tax filing...1040 ES and 1099.

    Quote Originally Posted by lolalove535 View Post
    NYC newbie dancer; I started dancing end of May but I've only worked 5 nights since. I've been reading various posts about filing taxes and I just want to reiterate what I saw to make sure I've got it. My roommate has been working at the club I started at since last year and she was sent a 1099 form this year stating an amount for the VIP rooms she did.

    So what I need to do is file quarterly 1040 ES forms with 20-30% of my estimated income (cash tips and VIP money I keep track of), and next year's tax season I would fill out a Schedule C form and attach my 1099 to that.. (and my 1040 ES?)... Does that sound right? I feel like I don't have it all down but the more long posts I read the more confused I get..

    Thanks to anyone who can help!!
    You have the basics down. Since you are new to the independent contractor world, I would go to an accountant to set you up for the first year. Pay close attention to how she sets up your taxes and learn the details so you can do it in upcoming years.

    HTH
    Z

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    Default Re: Newbie tax filing...1040 ES and 1099.

    Do the same for your NYC/S quarterly estimates.

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