Check with accountant
Posted By: Patti on 2006-11-10
In Reply to: I have 2 questions for people who own their own company - Wondering
Pay the money and get do a consult with an accountant so you can understand the basics and know what and what not to do. The money is well worth it. Or get an old copy of Turbo Tax for self employed to see what you can and cannot use for deductions. All of my accounts use by SSN on my 1099 which will will receive from them and in turn prepare a 1099 for your IC or subcontractors. Be sure that they meet the requirements for IC's. Go the IRS website and this will give you some information but again I cannot stress with all of those who are starting out find a good accountant and get their expertise advice. After 2 to 3 years of having my account handling my business, and our joint tax returns and advice, I am now able to do it on my own with Turbo Tax for the past 15 years but to begin with you need some expert advice. I am not knocking you but it really sounds like you do not have an understanding of even the basics of how to handle the taxes and finances of your business so you need to do some homework and get some advice. It is simple but again with his/her help you will know that what you are doing is correct and that will cause a lot less headaches in the years to come.
Patti
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Not an accountant
I am not an accountant -- you can ask a financial advisor or someone. I do have a business, business license - pay city business tax, etc. Registered name with the state. So for me I can. Also should clarify that what you can contribute does depend on what your income is after your business deductions. I cannot claim all of the 10K that I contribue because after all my deductions my income does go quite low. But I continue to contribute it to both an IRA and SEP so that I can maximize my deductions. But being an MTSO/IC does give me more usable income because I do maximize my deductions and plan for the future.
Man! Do I pay a lot for my accountant!
I've given him 22 of the best years of my life, two children, and I do most of his cooking!
But, seriously, my husband is a CPA, and yes, he uses TurboTax. He uses the professional version which has a few more bells and whistles, but that's what he's used for years, and that's what he recommends. In fact, he really wishes his "shoebox and paper bag" clients would just learn to use TurboTax. He has to do corporate returns by March 15, and those suck the life out of him. He doesn't even bother with anyone's personal returns until after March 15.
Unless you have a complicated list of investments, unusual expenses, multiple businesses, or nonprofit stuff to file, you probably would manage just nicely with TurboTax.
As for me, my return is already completed. If he doesn't do it now, he won't have time to finish it in April. I haven't done a tax return since I was 21 years old. :) Lest you feel jealous, know that he can't do a darn thing mechanical around the house, and he snores like a bear! Happy New Year, and Happy Tax Season!
I am going to be an accountant -
I will graduate in December with my associates degree and then on to a job somewhere out of transcription while I work on my 4-year and CPA.
MT to accountant?
I am looking at going into accounting (associates degree - obtaining it on-line). Does anyone have any thoughts, opinions, ideas, suggestions, anything that might be helpful or useful to help guide my decision as to whether or not to pursue it? It will cost me about $8000 over the next 2 years, but I will be able to continue to work full-time as an MT, though will be trying to juggle full-time MT, full-time school, and a 2-year-old, so it will be interesting. That's about it. Any opinions are well appreciated.
per my accountant - and being on production
being on production, you don't know what you're going to make - so it doesn't apply to us. In the beginning, I used to pay quarterly. I now pay annually and the IRS just returned $3700 in overpayment to me for this year. Yep, I just recently received a check back for overpaying my 2005 taxes!!! As long as you pay and on time, the IRS lets us do this. Been doing it this way for years now and I have no IRS problems *thank goodness*
Better get a better CPA/accountant if they don't tell you these things......or maybe different strokes for different states, but I don't think so.
I pay yearly also....per my tax accountant. sm
It doesn't matter as long as you pay - quarterly, yearly, etc.
You really need a good accountant. sm
SS# is fine. You will need to give your contractor a 1099 at the end of the year and deduct her income off of the top. That is a deduction for you from your gross.
Really, though, you need an accountant because things do tend to get a little tricky.
Good luck!
Yep, me too. My accountant deducts these
every year and I am a regular employee, not IC.
Thank you. My accountant has given me advice.
He said I should pay the contractors less.
Yes, the point was for me to make money.
What I'm saying is that it is tough. Not just for MTs. It is a tough business right now. There are lots of companies who can snatch my accounts easily. MTs want more money, clients want faster TAT, I have to be able to afford my equipment and business overhead (and it is SLIM, very lean) but apparently I am the one who is supposed to do without.
Everyone keeps saying to just pay less. Then MTs will quit. Then I'll be forced to send work overseas.
It's a mess.
Appreciate your reply, though.
I'd get a new accountant. I work FT as an
employee, have since day one and I can itemize and claim everything but the self-employment taxes.
Get an accountant...even H&R block will do.
I made the mistake of doing the taxes myself one year (TurboTax)and ended up getting audited for that year 2 years later. Luckily it only cost me $1200 but I'm sure it could have been much worse. I just go to H&R Block. At least if I get audited again, they'll handle all the work AND pay my fine if it's something they messed up on.
become an accountant or personal trainer
Although I dont make under 10$ an hour as an MT, try working more as my supervisors and managers have told me in the past when I have asked for a raise. In all seriousness, where do you work that you make that little? Are you paid by the line and how much? Switch companies, do not accept less than 8 cpl. I saw an ad for MDI and they start you at 8.5 cpl. IC's usually make 9+, if you do not need the insurance coverage.
Hmm. Every doc, nurse, attorney, accountant
I know is making WAY good money and none are working at McD's!!! LOL
I dunno know - leave it up to my accountant. That is what I pay him for. nm
x
If you had an accountant do your taxes, contact him or her. nm
x
See an accountant. I'm sure you saved your old income tax
zz
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
Taxes regarding self-employed = getting an accountant
Get yourself one, and he'll explain everything you need to know.
I wouldn't file w/o an accountant. sm
I know some use Turbo Tax and the like with success, but I like the security of having an accountant tell me what I can and cannot deduct based on my personal situation and facts. You can find private CPAs that don't charge an arm and a leg and the amount is also tax deductible. Our CPA does our taxes and answers questions throughout the year for a very nominal flat annual fee. Well worth it, especially if you ever get audited.
Don't forget the accountant's/bookkeeping
Legal fees, Internet service, subscriptions, dues to organizations, repairs to equipment, % of office space, postage (if applicable), mileage (if deliver/pickup), advertising (if applicable), security system (burglar alarms, etc. if applicable),probably more I can't think of right now.
Why don't you ask the accountant who did your taxes last year?
I'm sure they are better able to answer that question than anyone here.
I suggest you seek out an accountant sm
Since you have no experience as IC, you really need to talk to an accountant. Honestly, that is the only way to be knowledgable about it. I had to do that 18 years ago when I started as IC. Each year, the tax laws are updated, new write-offs, things you were deducting can't be deducted anymore, etc.
I have had the same accountant now for about 12 years, and he is not that expensive. Last year, he charged $180. Not too bad.
I would call a tax attorney/accountant in
x
That's right. Would you give your plumber or accountant a raise?
Or, since they're a business and not your employee, would you expect they will raise their own rates when necessary?
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
6
Don't worry about what you have to pay an accountant. You'll make it up
you OVERPAID your taxes by almost $4K? Sounds like YOU're the one who needs a better accountant.
x
I'm repeating what my accountant told me. Go argue w/him I guess.
He said find out what you need to make and then multiply that x 3.
I paid at least 30% tax last year, or more. even with my piddly deductions.
Do u think a lawyer or accountant or doc has "QA" person - nope, if they screw up... they scr
As an MT, we know what our job is period. WE produce a report at 98% quality or better. This should be done without QA as we should take pride in our work and make sure it is correct. Of course, then again, we are "tested" for a job. Other professionals are not. I refuse to be. If a company mentions a "test" that is a big turn off for me.
Bottom line - know what you are doing and complete an accurate report (within 98% for human error rate which we all have) or learn another field... not a hard concept
Check at a local nursery/garden center for varieties that are bred for your area, then check online
s
Check the connections from where the cable originates to wear it comes into the house. Also check t
had a similar issue with TWC and they had done some upgrades and the modem I had was no longer compatible. The tech knew what the problem was the minute he saw the modem, only it took me about 3 months and threatening to cancel for them to get out here.
No brainer here. Stop payment on first check before you issue 2nd check.
:+
I have had a check bounce over a boo-boo in the check book...NOT A DEADBEAT!!
c
DID you check with Social Security& does your son receive a check???
Go to SSA.gov and research the payee options. You may have to use the search engine, but your answer to this particular issue should be there.
I am disabled and while my kids were minors, I had to fill out a form each year on how I, as the payee spent each and every penny of the money they received. I don't see how his mother can justify how she spent his money for things that you normally would pay.
That said, he is getting Social Security right? Is your son receiving a dependent check? Under law, if a parent is disabled and has minor children, each and every one of those children also receive a check until they turn 18 or graduate from high school, which ever comes first.
The check is a percentage of your husbands, so for 800.00, your son should receive at least 350.00. If you have not been getting this, they would pro-rate it back to when your husbands disability started and that in itself, could solve a lot of your financial problems. You can also find this out on their website, HTH
no - don't check out wildblue. check out hughesnet. sm
i was on wildblue. i absolutely HATED it. i paid $400 for install and equipment and bill was $51.51 a month for smallest plan. no bills, had to be direct debit from credit card or bank. wasn't a lot faster than dial up and i frequently went over my download limit so i had to upgrade to the $80/mo plan. speed was no faster on their "fastest plan". they had a 1-yr contract and only 1-yr warranty. well 20 days (kid you not) out of warranty my tria (the eye on the dish) went out and it cost me a total of $275 for replacement and tech call (had to wait a week and a half before tech could come and then he no showed and rescheduled for the next day stating he didn't have the equipment he needed to fix me and the repair order had been in for over a week by that time. no call to say he wasn't coming either, just no showed). they TRIED to sell me the entire package all over again to get me locked into another 1-yr contract and i declined. it was best in their book so your warranty and equipment would be "new". i had to tell them for 5 months to change which credit card to debit from, never could get it right. had to tell them for 3 months when my phone number changed. i could not wait until the day my 1-yr contract was over. have heard really good things about hughesnet. i think it is a tad more a month, but supposedly a lot faster than wildblue and not near as many problems from what i have heard from others. wildblue was down for an entire week at one point throughout the year i was on it. always got lost signals and page cannot be found multiple, multiple times throughout the day. i used wildblue with VPN (with transtech) and could not keep a connection enough to get a decent line count as i was dropping signals too much and it did slow it way down. i finally got clinic work rather than acute care where time and speed wasn't a factor. research message boards for complaints about wildblue and hughesnet before deciding. also hughesnet i think told me a 2-yr warranty rather than only the 1-yr with wildblue.
Check the classified board here and check
E-bay. Some companies will provide them for free or a small rental fee.
check
your dictionary or autocorrect and see if it is set to capitalize the first letter in a sentence.
i think it is just that, though, an annoyance.
Thank you! Will check them out now.
:O
My check was for over $400, but certainly does not
come close to the money I have lost since going on docqscribe. I think corporate should provide us with the statistics they used to arrive and this amount. The @#$#@ crooks!
Thanks, I will check that out. You would
think that would be illegal (to pay for one line count and bill for another) so they would be a little more discreet......
Check for DQS
Wonder if the discrepancy in pay on DQS is MQ wide or just certain regional offices cause I havent gotten anything yet and I dread having to contact my TC. Does anyone know?
Why did you get a check$?
and nobody told us?
check out
http://www.destinyinfotek.com/mt-training/index.htm
check out
Come to India, much MT work for you.
MQ DEP check ?
Anyone heard from their MQ office what this check amount was based on and why it wasn't direct deposit like others if you are on direct deposit??
MQ DEP check
reason it wasn't DD, my opinion, is that if we cash it, we are "settling" any past underpayments. It has to do with the lawsuit. I my check yesterday, and I will deposit it probably. By my cashing it, I did not sign or agree to anything and the letter doesn't state anything about dismissing them from any further legal action. I think they sent the checks to make them look good, like they are trying to be honest and forthright about the discrepancies. A little late...
What check?
I have been with MQ for 14 years and I never got this check, is it for everyone?
check
emailed payroll and asked for a detailed printout of how this figure was derived and she said that corporate told her that it would take probably 2-3 weeks (you and I both know it's probably more like 2-3 months). we have a right to know how it was gotten and if I were you I'd do the same so that they know that we're just not a bunch of dummies who just take what they give us without an explanation that will satisfy us.
MQ check
I only glanced at the letter that came with the check but it said something about the DQS counting making mistakes and they were "sorry for any inconvenience this caused." Not a word about there never being enough WORK to matter whether the counting was right or not. Prior to DQS in 7 years I NEVER ran out of work. Didn't hang around long enough to see if their promises were true that we would soon be making so much money that we couldn't spend it all. LOL
check
"legally" any company has the right to withhold payment for 30 days. I found that out by accident, as well. ... through a company also in California. I would suggest, after attempting a telephone conversation first, that you speak with a lawyer and begin litigation. You are owed what you did work for. Good luck to you.
Check out!!!
I am in India my lovely. Come be with me. Check out. You love it. That for sure.
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