Disagree, as an IC you can take those deductions
Posted By: plus a whole lot more.. on 2008-03-10
In Reply to: I wish you would not make a blanket statement about things you don't understand about taxes sm - think then speak
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.
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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
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
x
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
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.
Get a good tax guy. His fee is a write-off. He will tell you what you need to do & deductions you
;I
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,
Are there any deductions for taxes on your paycheck?
nm
To all ICs claiming huge deductions...(sm)
I just met with my accountant yesterday. I am so sick I cannot think straight. I asked alot of people before moving ahead with an IC position and leaving employee status. EVERYONE stated that the deductions you can write off are more than worth paying the extra SS taxes that you no longer have an employer to pay. I even saw several people specifically state they lowered their taxable income by $10,000 or more so the IC status was well worth the headache of paying the extra taxes.
Well, I would sure love to know how in the world you ladies come up with these deductions. The accountant said my total deductions for my home office came to about $2400. But then my SS taxes I owed ate up that plus about another $1500. Are those of you reaping in huge deductions working strictly via the internet? I have no gas, mileage, vehicle wear/tear deductions because I'm strictly internet based. But even with considering those deductions, if I had them, I still cannot see where in the world you all are coming out so much better. Someone please offer suggestions/comments....have I just completely screwed myself over here or do I need a new accountant?? 
My IC home office deductions came to only sm
$1100 because I own my house outright and, like you, have no real expenses because I work at home off the Internet. My health insurance premiums are low because it's lousy insurance.
People with high mortgages will have a higher deduction based on that. They may travel each day to get their work, etc. Every person's situation is different.
I think you did okay!
BTW, if anyone uses H&R Block, I strongly urge you to get the Peace of Mind benefit for $27. Mine came in handy for 2004 when the preparer made a big, big mistake caught by the IRS (I'm going to end up getting a refund of what the preparer said I owed in 2004!!!) This may be my last year with the blockheads, though. I should say I've gotten excellent service in the last 25 years, except for that one preparer last year and Block messing up on its own tax preparation.
Wasn't that 20K TAXABLE after all deductions? sm
I wouldn't mind making more than that and only having to pay taxes on 20K.
You worked, they paid. You took deductions.
x
Does anyone remember name of book for deductions
if you work at home, saw posted a few weeks ago, wrote down and have misplaced. Thanks.
Try googling "book for tax deductions" or
x
depends on income and esp deductions.
last year was my first as an IC, and i saved back money for taxes -- needed none of it.
Hidden business tax deductions?
Have any of you come up with some not well know deductions we can take on our taxes? As you all know, in transcription our overhead is very low and we get SOCKED on the self-employment tax.
I already do the percentage of house on taxes, utilities, phone, gabage, etc. Full on cell phone, meager supplies, meager mileage, internet. Might have gotten yard care deducted last year, I forget.
Let me know if any of you have other areas of deductions!!
Been an IC for 17 years now. Never had a problem with deductions; however, I also have a husband
and we file jointly with a schedule C. We do receive a large return, but that is because he has so much tax money taken out, because over overtime, etc. I guess I am just the lucky one with that.
My deductions come out to about 10K a year working as an IC.
But you get tons of deductions and write-offs.
x
My independance and deductions, making my tax load LESS,
x
A good tax guy can help with taxes and give ideas on deductions. His fee is a
:}
I guess they are focusing on people who take huge deductions which I really dont so maybe that is
why they dont audit me because basically there is nothing to audit since my deductions are about $600 a year which are payroll deducted for equipment. I watch with my deductions that everything can be well documented but I really only have health insurance now which before you couldnt take so that is it for me and that is easy to prove.
A good tax guy is worth his weight. He will help you find deductions and if any probs with IRS,
;+
Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
I disagree
Edix/Spheris pays a bonus based on production and QA. The MQ office I worked for didn't give a rats bottom about QA, it was LINES LINES LINES and they paid production bonuses. My company expects the lines with NO bonus, NO shift differential, NO weekend differential, and NO OT. What you download you are expected to do, doesn't matter if it's 200 reports, you better have them done.
I have to disagree with you.
I think that people actually like it. That is the thing. I care a lot if the people are fat and ugly. It is such a weird concept to me. Being extremely thin and beautiful, I can't stand that. I mean, what is the harm in getting plastic surgery or gastric bypass? It will be a very hard thing for me to do.
I would have to disagree with you...
I have lived in California for most of my life and now for the last 6 years have lived in New England. Yes, it's expensive but not nearly as expensive as California, especially Southern California. For instance, a small tract house with 1200 square feet and no yard whatsoever, lined up like sardines in a can, will run you about 450,000. We have a 4 bdrm 3ba, in ground pool,1.4 acres, 2,300 sq ft house worth 300,000. The reason most of theNortheast is so expensive is the high tax burden, with the exception of New Hampshire,which has the lowest tax burden of all 50 states. One thing that is horribly expensive is college tuition, even community college is ridiculous compared to California.
I disagree with you. SM
As the other poster said -- if they're all that concerned, they need to (a) watch who they hire (b) provide the equipment.
No way on this earth I'd grant that kind of access to my computer. They'll have to find another way to calm their fears.
I disagree... (sm)
I believe Silent Type is a totally family based, oriented firm and found them most pleasant to work for before starting my own business.
I disagree
I have been an MT for a fair few years. One of the reasons I chose this career was because of the "bright" outlook. I believed that there really was a shortage of MTs in this country and jobs aplenty. Plenty of MTSOs are hiring, but trying to get my own account has been like pulling teeth. I have had to move out of my city, then out of my state, and now am calling surrounding states looking for work. I have excellent qualifications and reasonable rates, and I can tell you, nobody is interested.
I disagree (sm)
My husband loves it when I tell him I pretend that he's naked. 
I mean, wow, lighten up. I doubt ilovejackbauer is some kind of pedophile so I'm sure it was just a harmless suggestion. This world has gotten way too sensitive.
I have to disagree with
I worked set hours at home with an infant that I was nursing...yes I did! When he needed a change or to be nursed, I took the few minutes, changed him, latched him on, and continued working. It's hard, but not downright impossible. We are women, we can do anything we set our minds to. Good luck to the OP!!!
Disagree - that's all!
x
I have to disagree
My live-in BF's exwife used to do the online game instead and he hated it. No time with him or daughter. He is now pretty much doing the same thing to me with his model airplanes and helicopters. When he works on them and deals with them he does it and nothing else. He is very single minded. If not flying it is working on them, surfing the net for them, talking about them, etc. I have just about had it as well. He says that at least he does not go out to bars and drink. Well if you are not spending time with me and kids and not helping me do things around the house so that I am tired and stressed it is all the same to me. I have been there on both and just because they are not cheating, drinking, drugging, etc does not mean it is okay. If you need attention and help you need it no matter what their reasoning is or hobby is in this case. You have to balance your time. I say what if all I did was play my games or shop or go to the bookstore and had no time for anyone or house work. I have to balance it so that we all function relatively well. It should be equal play time for both of you and equal other stuff too.
I disagree
It involved her when her husband decided to share the info with her. AND they involved him when they brought him into their little THANG. Don't for a minute think it is innocent, or else she would have called his wife to ask where he was at. I think if the OPs husband doesn't set his friend straight about not wanting to be involved in this crap then he is not beyond suspicion. JMO.
And, do you want some unwritten code making a fool out of YOU if your man should decide to start doing the same and his friends (your friends also) know about it!?!?!?!?!?! Come on.
Sorry disagree
Your creditors have the RIGHT to not work with a credit counseling agency. I tried this route also before Chapter 13 and several chose not to work with them. Most of the major ones do but some do not. This is a profitable business that is paying your bills for you working out a credit plan for you and if you miss ONE payment they have the right to drop you and many will. They also monitor the usage or your credit card use, etc. Again, there are always two sides to everything but some of my creditors did chose not to work with the agency. I was told by one of the biggest Credit Counseling Agencies that though most "do work with them, some chose not to and they do not have to as you are the one that agreed to pay back the debt not the credit counseling agency." But they do have to accept a Chapter 13 order. So again, look at all the facts and make your choice. The biggest agency I talked to was the higest for their fees and really did not save me much with my payment but the interest and late fees stopped. Also if they negotiate a plan to reduce the balance due -- beware that if a credit card compay writes off any amount of the debt -- say that they will settle for 50% of the $10,000 that you owe, then they will issue you a 1099C - cancellation of debt - for the $5,000 that you are not paying and you will have to include that as income on your taxes for the year. So there are several pitfalls with some of these agencies, just ask the right questions and do some research. If it sounds too good to be true, it probably is. Patti
I would have to disagree with you
I just took a job that offered me 7.5 cents per line to start. I just finished my online training for MT at the beginning of August. It can happen, although I applied to every company I could find. I did the legwork and now the offers are rolling in.
disagree
depends on the companies ethics, method of counting, etc. I can do mooocho lines on escription platform but suck on any other platform.
I disagree with others, I think 12 is low
Some MTs make that from a service so you can imagine what the service is charging and they are paying it. With picking up, delivering, printing? 12 cpl is selling yourself way short IMO. Not to mention bringing down the rates overall for others. I would not do it for less than 14 cpl. And if they won't pay that, work for a service that will pay you 10 or 11 cpl, without all the headaches.
I disagree with you
You are very opinionated.
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