Don't forget the accountant's/bookkeeping
Posted By: getting older on 2008-02-11
In Reply to: taxes - becky
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.
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- taxes - becky
- Don't forget the accountant's/bookkeeping - getting older
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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!
Check with accountant
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
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.
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
Don't forget to ask...
What types of accounts you will have and whether you will have backups if your primary runs out of work. Do they pay for spaces and use of expansions or normals? Are hours flexible if you need it? Is there any charge for equipment? software? Is tech support available all the time? How soon do the bennies such as health insurance kick in? How often do you get paid and when can you expect your first paycheck? Do they give pay raises, incentives or anything else that can increase your income? What kind of training will you get until you are comfortable with the accounts? Are there a lot of ESLs?
Whether they answer any questions honestly or not you will find out when you get started. Probably best to run the company name on MTStars and see what you get. Good luck! 
Will never forget
nm
Yep, and don't forget 100% QA! LOL. Seriously, I
x
yes, that's what I always do, but don't forget
Frozen ham has a tendency to taste saltier, so when you use it, you probably won't need to add any salt.
and don't forget
Don't forget that before white out and all the other things, we had to use a razor blade to remove errors from ALL of the copies. I worked for a VA Hospital and everything had about 6 or 7 copies. Cut many a finger in those days, but learned how to be accurate really fast.
Forget about them and those like them and
live your life, period. I wish I could post a saying I got from Mother Theresa the other day but it does something like this:
People will hate you. Do good anyway. It was never about them, it's only about you and God. Something along those lines. And only half of these posts are nuts.
I'm sorry, but how can someone just forget...
Valentine's Day? That's like forgetting it's Christmas. It's all over the TV, in the stores, everywhere you go, there was something about Valentine's Day. I don't buy the "forgetting" thing at all...unless he lives under a rock or in a cave, he didn't forget...
Better to forget IC at 6 to 8 CPL
After you pay your taxes, it averages only 4 to 6 CPL. I would rather be an employee. Never will go IC again.
And let's not forget..............nm
Don't forget sm
you'll probably be typing headers and a bunch of junk. Not for me, but if you do it, make sure you'll get paid for it.
don't forget a
It really helps if you can have someone who is just in charge of the money. They could sit at a table and concentrate on just taking in the money. You can get really distracted when buyers want to ask you about merchandise. So much fun at the end of the day adding it all up and treating yourself to a yummy lunch!
just like me to forget something..
also must pay local tax and Soc Sec tax of 15%. Yuck!
yes, and don't forget
x
Oh and don't forget...
the one I came across that took it to the bathroom with him and it was still running!!! GROSS!!!!!!! 
Forget it. You do not need it.
x
don't forget to look at
overstock.com when purchasing! I've found a couple of books there cheap, and the shipping is usually cheap, too. They do have the CD version for $42 and change right now with $1.40 shipping.
Sometimes they forget
My friend is a speech pathologist. She told me that before she met me, she never used to think of the transcriptionist. She hated dictating, but she had to do it. So she used to dictate as fast as possible just to get it over with, not thinking that someone had to figure out what she was saying. But now she makes an effort to be understood and actually acknowledges MT and will say good day and thank you.
Don't forget.....
Work is not guaranteed, no pay for downtime (or rarely), must know all specialties, be around when work is there - not necessarily what you agreed to, work over or get no work, be availabe via phone, messagers and email, oh and be an Office and Word expert cause we aren't providing any help with that...Plus, lunch is at your desk...I bet starbucks even gives you a lunch break without whining about it.
Don't forget to consider your
chair height and whether your hands are too high compared to your elbows.
Don't forget
Things like benefits, paid holidays, vacation and sick pay. Those all add to your per line rate as an employee, and you should be compensated appropriately to offset these things as an IC.
Forget it
You won't get a vacation unless you can find another IC or two who can fill in for you. Also, you will need to schedule around your doctors' vacations - at this point in my life, I don't want to work around the clock anymore and I wouldn't do it, but if you're up for it, you go girl.
Should be FORGET actually, sorry! nm
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