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Thread: more tax questions

  1. #1
    Veteran Member rain's Avatar
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    Default more tax questions

    Excuse me for asking all these questions, but I really need some help.

    Just got my Turbo Tax CD yesterday for 2005. The state downloads are not available yet.

    My questions:

    When you pay the IRS quarterly, do you do it with a money order, check, or bank card? No longer have a credit card (cut it up and cancelled it due to too much spending).

    Can I do the 1040 ES on TT? I can't figure out how.

    When I pay the quarterly estimated tax for Jan. 15, is this the tax based on income from September 19, 2005 to January 15, 2005? Or another set of dates?

    I know there have been other threads on this, but what should I list as my occupation? I want to get financial aid for the 2006-2007 school year, and I don't want 'stripper' on any records that might go to a financial aid or admissions office.

    In the future, I'm interested in having a day job (therefore being an 'employee' instead of an 'independent contractor'), doing some phone sex, travelling to different states to dance, etc. Would it be wise for me to register as a business to do all these different things?

    If you have a day job, is it hard to file taxes as an employee and independent contractor on TT?

    I probably need an accountant! But if anyone can help me with any of these concerns, I would most appreciate it.

    Peace,
    Rain
    There is no salvation in becoming adapted to a world which is crazy.
    Henry Miller

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    God/dess Emily's Avatar
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    Default Re: more tax questions

    when you use turbo tax, you're just filing, not making estimated taxes for each quarter. It will help you figure out your estimated taxees for the following year and make forms for you to send in with your check.

    So, for example....when I filed last April (2004) using TurboTax, I printed out 4 1040 ES forms for this year, the last of which I will send in on Jan 15, 2006. This is for the period of Sept 1-Dec 31st, 2005. I use a check because it's the most convenient, but I guess a money order would work (although I don't know why you would since you are not going to try to hide this from the IRS, obviously.) I'm not 100%, but I recall there being a surcharge for using your credit card, so another reason not to use it.

    For my occupation, I list entertainment consultant. You could put artist, I guess. I would do this no matter what. You don't want the IRS knowing you are a stripper because they will assume you are under-reporting (because strippers are liars and making $1000/night, right?)

    It's not hard to file taxes if you have a day job too. Your employer for that one basically did everything for you. TurboTax is pretty easy. The hard part is when you run your own business because of all the records you have to keep.

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    Veteran Member rain's Avatar
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    Default Re: more tax questions

    I still don't understand. Can I print out the 1040 ES form from Turbo Tax for my Jan. 15 payment?
    What does 'filing' actually mean?
    I'm going to put artist.

    In April, when one 'files,' what period of time are they dealing with? Say for April 2006, are they filing for the period of April 2005-April 2006?

    I'm just wondering if I'm going to be able to do Turbo Tax with my independent contractor job and a real job.

    Thanks.
    There is no salvation in becoming adapted to a world which is crazy.
    Henry Miller

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    God/dess VenusGoddess's Avatar
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    Default Re: more tax questions

    Quote Originally Posted by rain
    In April, when one 'files,' what period of time are they dealing with? Say for April 2006, are they filing for the period of April 2005-April 2006?
    When you file in April 2006, you will be filing for January 2005 - December 2005.

    If I am not mistaken, if you have a real job, you could elect to withhold enough taxes on your "real" job checks to cover the money you are making in your dancing job and then only file for your real job. But, I am not sure how this works...I think Dan, Monty, or Melonie would be able to answer this.....heh

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    God/dess Emily's Avatar
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    Default Re: more tax questions

    you can print out the 1040 ES off the IRS website. I'm just saying that when you do turbo tax as an IC, it will prepare those for you for the following year. I guess it could do it for the current year, but I'm sure it assumes you already made that mayment. You should have been making estimated payments all year. If you didn't and this is your first year dancing, it's okay.

    Filing (april 15th...unless you file for an extension) is when you tell the IRS what you made for the year and what you are deducting and you pay your yearly tax bill. Making estimated payments is not filing. It's jsut sending them a check every quarter for what you estimate you owe for that quarter

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    Veteran Member rain's Avatar
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    Default Re: more tax questions

    THANK YOU GUYS SO MUCH!!!!!!

    one more question: when i send in the 1040 es i DON'T put any deductions down ...i just put them down on the turbo tax filing schedule c?

    thanks again...wow
    There is no salvation in becoming adapted to a world which is crazy.
    Henry Miller

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    God/dess Emily's Avatar
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    Default Re: more tax questions

    yes, that is right

    the 1040 ES is basically just a little piece of paper that has your personal identification information and the amount written that you're sending in. You figure out the amount by using the formulas the IRS will tell you about on their website.

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    Default Re: more tax questions

    If I am not mistaken, if you have a real job, you could elect to withhold enough taxes on your "real" job checks to cover the money you are making in your dancing job and then only file for your real job. But, I am not sure how this works
    I think I understand the question. When you file your actual tax return by April 15th 2006 for income earned from Jan 2005 through Dec 2005, it must include a filing for all earned income (both 'straight' job and dancing income). However, there is no legal requirement that you must send in quarterly estimated tax checks and 1040-ES forms IF you have made arrangements to have estimated tax money withheld in another way.

    One 'other' way is to file a new W4 withholding form with your 'straight job' employer which instructs your employer to withhold a flat percentage of your 'straight job' income to cover not only the taxes due on your straight job income but also taxes due on your dancing income. However, if your dancing earnings are close to equalling your 'straight job' income, it may be necessary to withhold HALF of your 'straight job' paycheck in taxes to cover the tax liability due on both incomes.

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    God/dess VenusGoddess's Avatar
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    Default Re: more tax questions

    I was just re-reading my post and I want to say this:

    I did not mean REAL job as in dancing is not a job...but more as the "real" job in the way most people look at it. If I offended anyone, I apologize.

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    God/dess Emily's Avatar
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    Default Re: more tax questions

    yeah, "real job" is a euphemism for "paycheck job" in our business.

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