Get a good tax guy. His fee is a write-off. He will tell you what you need to do & deductions you
Posted By: can take. Keep all papers & reciepts in folder. on 2005-09-02
In Reply to: IC Questions - Sharon
;I
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- IC Questions - Sharon
- Get a good tax guy. His fee is a write-off. He will tell you what you need to do & deductions you - can take. Keep all papers & reciepts in folder.
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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,
But you get tons of deductions and write-offs.
x
A good tax guy can help with taxes and give ideas on deductions. His fee is a
:}
A good tax guy is worth his weight. He will help you find deductions and if any probs with IRS,
;+
Another good idea is to write a letter to the editor...sm
of your local/state newspapers telling people what is happening with their medical records and the downside of them being sent to India. Most people have no clue.
Buy if from your husband. Have him write you a receipt. Write it off completely or
depreciate it over a few years.
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.
.
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
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.
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.
My independance and deductions, making my tax load LESS,
x
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.
yu arr sew write!
I gess yu tolt me. I best be gittin on bak 2 the trailer. Eye dun bin tolt awf bi a jenyus! Yu gut me! Tak to ye after a spell Mrs. Frank. Buy now. Doen't choak awn awl that venum, now, ya hear?
Why would you write someone up
gee that is very encouraging, I have been disciplined even with my current job when I was in the mentor program but not written up !!!!! That style of company is not for me, I should have listened to the posts of how they are sweet and than watch out... I'm sure a lot of people are happy with them they seem to have a lot of employees
I just had to write this....
I am now one week free from my best friend is what I like to call smoking.. This was difficult to give up and for the first time in my life I sat in a nonsmoking section at a restaurant yesterday, I can run a mile, I am alert and awake and feel good, my skin is actually looking younger. I have attempted to quite many many times... The conclusion to this was its my body, I control my body, cigarettes do not control me, I control me, God gives us one body enjoy it, take care of it, REMEMBER ITS YOUR BODY... Sorry if this offends anyone I just needed to voice myself for I feel free for the first time in my Life....
Do you write down your (sm)
job numbers. How do you keep record of work completed each day?
They need to write one about MTs
Synthroid 25 mg --hello? I have to change that one all the time. Or how about clonidine for anxiety? Or one of my personal faves respiratory rate 70, heart rate 16...happens all the time. Ladies give yourselves a pat on the back for fixing and "spotting" all of THEIR mistakes!
to write or not to write
I have always put on my resumes that I have the ability to transcribe foreign accented physicians and never had any comment made about it, so guess it worked for me. The QA part, would state as you suggested, experienced in quality assurance....would look oh so pretty on the resume by all means. Good luck.
You can write off anything you want to, you just have to
be able to document it if you get audited. I would have DSL if I didn't need it for work and my whole family uses the internet so I can't in good faith write it off. Even if I wouldn't have it if not needed for work I'm sure you still use it for personal use.
Why you should write it down
The purpose to keeping a log of everything you do that is not actual transcription, i.e., is not typing to generate lines, is to show you how much time you spend not-working.
This can be a considerable amount of time. It's important to get a handle on it, though, because it goes a long way toward showing you where you can become more efficient.
Awareness of the "not-work" time -- I hesitate to call it wasted, because some of it is purposeful, even if it doesn't generate income -- is necessary if you are to control it.
Nearly everybody pops up out of the seat if it is a difficult dictator. When I code something difficult, I jump right up and find all sorts of errands to run. It's much easier to stay in the seat and stay focused if you are aware that you keep leaping up to run around.
Even taking a sip of coffee takes a few seconds. Looking away to the TV takes a split second here and there. Answering the phone takes a couple more. Pretty soon it's a whole minute, then an hour. If you have one hour a day in non-income-generating activities, if you made $10 per hour, you'd lose $10 a day, $50 a week, $200 a month, $2400 a year. Double that if you made $20 per hour.
:)
Tax write off
Anyone know if we can write off our losses in the stock market last year. I have no clue as I have always made money. I sure my accountant is busy or I would call him. Just curious, as my hubby took a big hit, should have listened to the bunionmeister.  Listen next time hubby. 
We should ALL write them &
tell them why we don't want to be members. Seriously - although the following quote comes to mind: 
I refuse to join any club that would have me as a member - Groucho Marx
Oohhh, I like that. I'm going to write that down!! Thanks!! nm
..
You can only write off the percentage actually used...
for work. Who uses 40% of the space in their house??? I write off 10-15%. You also must use that work area for work only. Come audit time (and it eventually may happen), you will need to show a floorplan of your house and what area is for work exclusively. If you're writing off 40% you will be in deep doo-doo. 
Proper way to write
n/m
You have it write Broke!!!
You are exactly right. Ooooh let me buy that huge TV or put a brand new Lexus in the driveway. please. Christmas is about giving not about receiving and it is not about giving presents. It is our time and our love that is needed most, especially this time of year. We do the same here. Make presents for each other, make the decorations for the tree, donate our time and our money to those who need it. Soup kitchens, Salvation Army, local homeless shelters, etc, etc. We have never "not" been able to afford going crazy on Christmas presents for our own families, but really just never wanted. Our entire family feels it is much more important to spend on those who most need our help. Kudos for you and a very merry Christmas!!!!!!
Better yet...write a book...
Merry Christmas
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