Anyone out there a tax person or accountant?

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roughidle

roughidle

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I had a few questions with the coming tax season looming. Plz send me a PM if you're competent and willing to give some advice.

Thanks!
 
A Federal or state question? It might make a difference.
 
I do my own taxes with two incomes, two stock portfolios, a rental house and a self storage business.

Shoot.

I've also got an extra copy of turbotax home and business 2014 I need to sell.
 
Question #1: yes....

Question #2: yes....

Lol, sorry for the vaugeness, but I guess I'll just ask here so the proper info is given to all. This past year I did some drafting work from home for a local business and was wondering what steps if any needed to be taken on either my part or the business so I am straightened out when it comes to file time...

Thanks
 
If you earned money over $500, you should be getting a 1099 for the amount paid. Just file it with your fed and state tax returns while including it with your W-2 income. Simple.
 
Are you the one doing work as a subcontractor for this said company or is it a unrelated business that hired you for your services?

If you were the sub, they have to issue you a 1099. If it is the other way you have to claim it as income. Either way you have to claim it as income.
 
I'm just a guy doing drafting work for an established company that I otherwise don't work for. Just acquaintances. I myself am not a company nor do I claim to be. When it was paid out to me it was paid out in a check written in my name not cash. So if I've heard the above correct, they will owe me a 1099, correct?

Thanks
 
roughidle said:
I'm just a guy doing drafting work for an established company that I otherwise don't work for. Just acquaintances. I myself am not a company nor do I claim to be. When it was paid out to me it was paid out in a check written in my name not cash. So if I've heard the above correct, they will owe me a 1099, correct?

Thanks
Click to expand...

Yes you are correct, as long as it was more than $500. That is coming from a federal standpoint.
 
I got a question as well...but I probably should not ask it in public. If anyone is knowledgeable about filing for insolvency please contact me....
 
Whatever you get or don't get, if you claim the income, make darn sure you offset your expenses against it on a Schedule C.
 
crackedback said:
Whatever you get or don't get, if you claim the income, make darn sure you offset your expenses against it on a Schedule C.
Click to expand...

Xs 2! You should claim mileage at the IRS rate, plus any and all expenses you have incurred to perform the service you furnished. Don't feel bad if your expenses zero out your fees!:blob:
 
roughidle said:
When it was paid out to me it was paid out in a check written in my name not cash. So if I've heard the above correct, they will owe me a 1099, correct?
Click to expand...

Did they ask you for your SS number? If they did then they probably will issue a 1099.
 
You will definitely want to file a Sch C, and take any out of pocket expenses you incurred during the year, as well as mileage. Did you use part of your house as an office? you can also take a portion of taxes, mortgage int, insurance, etc.. against the income. If you have any questions feel free to send me a PM, cant believe its already that time again....
 
Calculating the square footage of space in the home used and then calculating the number of days of the year and trying to clam that amount against your household costs is probably a waste of time on $500. If you kept a log of mileage, that might be helpful, if you made more than just a few trips. If you bought supplies like drafting paper and pencils or software, I'd include those, if the receipts are dated for 2013.

Of course, we don't really know the amount at this time.

I thought he numbers were $400 for taxable, and $600 for 1099.

http://www.irs.gov/publications/p334/ch10.html
 
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