But you get tons of deductions and write-offs.
Posted By: nm on 2008-01-10
In Reply to: You pay more taxes as an IC. - sm
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write offs/deductions for IC's??
Just wanting some ideas on what everyone uses as deductions. Im going to get hit hard this year and just seeing what everyone else does.
TIA,
I don't pay more taxes. I have write-offs.
You have to decide that for yourself. Write-offs,
x
After I do my write-offs it's more like 10% - I think 30% is on the "conservative" side of
you don't owe. They have practice sheets you can do that will help you figure it out. Do a dry run using those and that will give you a better idea.
Write offs make a big difference. nt
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write offs when working out of the home
As an independent contractor, where can I go to get a list of what I can write off legally when working from home?
TIA.
KSM
How do I find the things that could count as write-offs? nm
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Get a good tax guy. His fee is a write-off. He will tell you what you need to do & deductions you
;I
Buy if from your husband. Have him write you a receipt. Write it off completely or
depreciate it over a few years.
lay offs .. yep .. me too.
I was greeted at the door this morning and walked to the office. Received my sererance package and then was allowed to clean out my desk.
When one door closes, another door opens. I kinda felt like I would be in this cut, hoping I wouldn't, but felt like it.
Good thing DH tuns 65 in July. Guess I'll have to start checking out medical insurance now.
Soooo if it's alright with you guys, I'll just hang out with you for a while.
Lay Offs
Boy this must be the week. I myself was also told on Monday that I was laid off from my hospital job I just started 5 months ago. I think they just used me to clean up their mess of backlog. I was very sad the first day, but then realized they did me a favor. No more working 10-6:30 shift and on Sundays, which I hated. My husband was happy. I am going to get unemployment so I can enjoy the summer months for the first time in about 10 years. It is going to be great.
As they say everything is for a reason. We may not see it now but we will later down the road. I think this is a blessing for me. They were always hounding me to get my line count. I never had acute care experience and only did clinic notes for 5 years but they hired me and I was always short 50-100 a day. I feel a huge pressure off my back. I felt like I worked in a factory. I never took a lunch and I feared if my doorbell rang or phone because I did not have a minute to spare or my line count would suffer. No one should have to work like this and I will never. My next transcription job is going to be like before on a 24 hour turnaround. I am not working set hours ever again.
Keep the faith- God always closes a door but opens a window and I have always believed this.
HUGS and love!!
Lay-offs
My job ended the end of December as a receptionist in a doctors, which lead me to going to MT school that starts the end of this month. And now you all are talking about getting layed-off from your mt jobs. scary, what is up ?
Lay-offs
Not what I wanted to hear, but thanks for the info.
DirecWay Drop-offs
Thanks for the tip. It looks like Direcway has a new upgrade from the 6000 model...more money of course. I will need to do something, as 3 days at half-production is just too miserable.
Direcway satellite drop-offs all day...
Is anyone else having problems with their satellite connection this week? After 6 months of no problems I am now getting constant drop-offs until 5 p.m. I am on the west coast and no weather problems. I have called "customer service," but that was beyond frustrating. Dial-up is excruciating to work with after being used to the high-speed. Thanks in advance for any info.
Sounds like any old pair of cut offs would be acceptable....
The description reminds me of my MUCH older brother's wedding circa 1973.... She was barefoot, he was in ripped jean cut off shorts, the preacher looked like something that crawled out from under a rock, and when he asked my brother if he had anything to say, he "grunted." Gawd, it was awful. I'm sure this wedding you're going to won't be that bad, but if the bride is barefoot and the groom is in khakis, then any decide informal summery outfit would probably be A-ok.
Speaking of rip-offs, anyone have any advise on how to get back money paid for a product you never
received? I needed a Dictaphone C-phone for my job (was using a loaner) and put a note on the equipment board pertaining to this back in May. A woman contacted me stating she had one for $100 (I only needed the phone, power supply and phone cord). She said she was going away for 3 weeks and to Western Union the money to her that night and she'd send it out the next day. I did not like the high pressure and was still shopping around anyway so I told her I'd wait the 3 weeks and contact her then. About a week later she emailed me stating she cut her trip short but was going away again that Friday (It was Tuesday), I had by this time decided to buy her phone. I mailed out that day via Priority mail a M.O. for $100. She was very anxious for the money, and thought I'd sent it Express Mail, which I of course informed her I did not. She stated that it should be there by Friday and if she did not see her mail that day that she'd have her mom check the mail and then mail the C-phone to me. After 2 weeks I emailed her as I had no phone as yet, no response. A week later still no phone, emailed again, no response. Then I called her (looked it up) and she claimed her email was "broken" and she had not received my emails but would email me back as she was on her way out the door to a baseball game. I asked her how can she email me back if it was broken??? So then she backpedaled and said she'd call me.... I held my breath at that point. So the next day by some miracle I get an email from her stating her mother had mailed it regular mail, no way to track it, etc. So supposedly it is lost. I emailed her back which it appeared she did not get as she did not respond to my questions but she did email me again saying she'd return my money.....again I am holding my breath. That was 8 days ago. She is in OK, I am in VA. If she sent me a refund promptly it would have been here by now. Now when I call her, she does not pick up, and no answering machine either. I am planning now to mail her a copy of her email and my response to getting my money back. I am assuming at this point that I was taken for a sucker and was obviously too trusting. Right now I don't have $100 to burn (who does?) with my drives to the hospital (60 miles round trip) for my daughter's chemo, doctor visits, etc, on top of only making about 1/2 what I used to make due to the changes in my life right now. In the meantime I got kicked off the account for which I needed the C-phone for (add insult to injury here) due to problems at the company I was working for, so that does not sweeten my disposition any. So does anyone have any idea how I can squeeze her and get my money back? Contact the police there for fraud? Small claims court in OK? I am a persistent pain in the butt and will keep at her until I get my money back, if it is fraud then she picked the wrong person to screw with, if it is on the up and up then it is unfortunate but she should have insured it to cover her own (and mine) butt, and sent in with a delivery confirmation too....but you know what they say about hindsight. Any ideas???
TONS
X
tons
I have a couple large accounts with hundreds of docs and a smaller one with 50 or so. I rarely get the same doc twice.
deductions
The IRS has guidelines published for people who file quarterly. I've been doing this at home for 9 years now. Over the years the govt has sent me vouchers which I've ignored. This year, however I decided to pay quarterly to stay out of trouble. I know there are exceptions for filing quarterly if you have children but since I don't I didn't pay much attention when reading the info. However, I have heard of ICs who had their husbands take more out of their checks but the IRS penalized them anyways. Hope this info helps.
deductions
Well 2600 out of 15 K is about 15% to 20% and it depends on the sq foot that you have in your office. I use 20% and deduct 20%. You cannot deduct ALL of it as it is only the percentage of the house that you use. If you are a business, an IC and it is required that you need that occupational license it is deductible. I deduct my business license which is a percentage of my business -- would trade the $200. If we want to operate as a business and want the deductions that you have to be licensed as such and pay the necesssary fees. Can't have it both ways.
I had about 12K in deductions.
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deductions
I deduct and depreciate my house as I know I will live in it well after I retire and so won't have to worry about the depreciation move or when I die and my estate can well pay for it if it. But I deduct advertising, phone, health insurance, mileage, computer, supplies, depreciation of house, partial utilities, my internet, cell phone, etc. and it equals out to at least 15K a year. My mileage helps but if I were working outside in a hospital I would have that expense and no deduction so I don't mind. I also put aside 20% in my IRA which is a deduction. Most of these deductions I would have if I were not an MTSO-IC as I would still use internet, gas, house, utilities, etc. and would have more of a taxable income but someone is just holding my taxes for me and sending them in. But you have to think ahead to prepare. I go on vacation to places where there are seminars that I want to attend, etc. Again if you weren't an IC you would still have those expenses and they would not be deductible. It is just a shock because no one withheld for you during the year. You almost think and feel that your employer is actually paying those taxes for you and except for the 7.5 of SS they are just managing your money. So begin to manage yours now. If you have kids and give them allowances, you can say you are paying them for filing and be able to deduct up to 500 without doing a 1099. There are legitimate deductions out there but you gotta search for them. If you have your kids give out flyers, etc, pay them and deduct it. You give them money anyway. But I would not give up my house deduction/depreciation for anything as I know I will be here long after I retire. That is my long 2 cents worth. Patti
I need help with QA deductions..SM
It has been so long I don't remember the exact deductions and how it works. Could you please tell the very basic process for deductions and how it works. Specifically, how much is deducted for a word left out, the wrong medication dosage, no comma where there should be one, and when they type a word like has but it was supposed to be his.
I'd really appreciate it. Maybe someone knows a site that has this info. I couldn't find anything myself.
thanks.
deductions
Mileage for any travel pertaining to business, advertising, mailings, internet, phone, office, -- first couple of years I went to a CPA and then did on my own following his prior returns with Turbo Tax. They take you through it step by step. Anything you contribute to your SEP retirement, insurance, computer, desk. Get a good book or talk with a CPA. Have a separate check book for all payments to work related expenses. Even a couple thousand miles per year is a savings.
Deductions
Hello everyone. I know this has probably been discussed a million times and that there's probably information in the archives (which I plan to dig into), but I was wondering if anyone could, off the top of their head, guide me to a site or something that could specifically tell me what deductions I am able to take as an IC doing MT work for a national company? Thanking you in advance. Reb
tons of work
im loaded to the gills...and i need some time off...crazy how some companies can be so different in there work load.
TONS today.......
Been very slow and all of a sudden BAM!
I'll take it!
and they are still making tons of $$....sm
the naysayers panning the Stones probably could never afford to go and buy a ticket even to see them today....that's how expensive their tickets for a concert are today!!!
*snickers*
Tons of them this week. I just sm
reregistered for the do not fall list. We will see if it changes. Very annoying.
Yeah, there are tons (sm)
Here is a link showing how to find the 'Word command list.' The list itself is too long to post. http://www.melbpc.org.au/pcupdate/2207/2207article6.htm
I also subscribe to Word Tips. I usually find a tip or two in each E-mail that is useful and I save them in one document for reference. http://wordtips.vitalnews.com/
Don't forget the tax deductions
Pleae keep all your receipts for hearing-aids/batteries, etc. and check with your tax preparer at year's end or before. I would think this would be deductible but worth asking about.
I only took the standard deductions
and it still happened to me. What I couldn't understand was that I was supposed to be in a less likely audit bracket because that year I was an employee, an IC and an SE. (they were trying to see if I met employee status on my SE account).
TAX question..deductions??sm
I am starting or trying to start my own business at home
but in order to do that I had to buy my own pc and use
it to take an online course at home in my spare time.
I work parttime for a national MT co. I want to deduct
the cost of the pc and the course from last year's income
which I earned as an SE (several W2s). Both the course
and the pc were bought in Dec. 05 using a small-business
credit card. I don't expect to finish the course for a few
months and only then will be able to "market" my new skill.
My question I guess is..when you purchase something by credit,
is it "totally deductible" in the year of purchase or do you
only deduct the payments in the year they occur? Thanks.
need some tips for tax deductions
I would really appreciate any tips I an get on tax deductions for at home employee.
Just keep deductions in mind.
I live in Alabama and out in the country. I count the miles I drive to the bank and to the post office, post office box dues, cell phone, extra phone line, internet, etc. As an employee I had to pay all these anyway, I just could not deduct them from my taxes.
I pay taxes now and take ALL deductions
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Employee/IRS deductions
I have been claiming my home office for years as a deduction, which includes portion of my oil heat, telephone bills, DSL bill, computer, paper, pens, notebooks, etc, books, software, etc. I have been an employee and an independent contractor, and my accountant has always told me I could take these deductions, so I have with absolutely no problem. The rules for a home office is that the room you use needs to be for business, so I use a small bedroom just for my office, i.e. it cannot be a room you use for a bedroom and a home office. Hope this helps.
What are some examples of deductions you use?
nm
Disagree, as an IC you can take those deductions
I'm an employee now, and though I still do write off home office and percentage of my bills it's nowhere near the amount I used to be able to write off as an IC. All those extras have to add up pretty high to get above your standard deduction to write them off as an employee.
Since when as an employee can you get deductions?
nm
Income after deductions.
Income after expenses is what you are given credit for making. If you grossed $40,000 and had $10,000 worth of expenses, you made $30,000. This is your taxable income and what is credited as your social security income.
I do PT and make tons of money...sm
very easy work. Few ESL in that field and they are very agreeable to working with you. Lots of word Expander phrases, hardly any drugs, no labs. Love it. Make more money in PT with less cpl than any of my other accounts just because I can crank it out.
There are TONS of stores that I see every place I go.
x
Never had a slow day, still tons of work.
STruck me funny that you said there must be tons of it. Probably mostly us MTs. (sm)
I always give tons of praise...
if I see the newbie is consistently giving her best, looking up words and even THINKING about them LOL - I find most newbies are pretty hard on themselves without my help! 
or this one is my fave tons of work..
There usually is for thre first three months at most..then nothing. I have no problem working on the hard accounts, but when it gets down to $30-$50 a day at most, it gets very frustrating. One spends all day logging in a looking for work to find one or two jobs. When you can't pay your bills, you have to move on. I want to find a company that consistently has the work...have yet to find it.....
Would help me tons if all dictators sounded like
Patrick Stewart. Ah, if only someone could make it so! (she grins)
yes of course I use tons of expanders. At the most 25% normals though.
x
Tons of up-to-date resources;) sm
Make sure you have all the resources you need that will cover a lot of specialties, especially for ops. I wouldn't worry too much. You will basically just be learning more words. Just have the resources you need for quick finds to help you pick up speed. I'm sure you'll do fine!
Can you email me the name of the company you are starting with? Even though I've been in this business for over 15 years, I don't have the "recent" acute care experience most companies are requesting. However, I do have at least 10 years in the past. Thanks!
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