I pay yearly also....per my tax accountant. sm
Posted By: Yearly on 2006-09-15
In Reply to: how do you get away with paying yearly? the IRS determines if you should pay quarterly so - !?!?!
It doesn't matter as long as you pay - quarterly, yearly, etc.
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I pay yearly.
I always pay yearly. I have worked as an IC for 10 years. I have never had a penalty. A family member also has worked from home for over 20 years and has never paid quarterly. Just pay on April 15th and you should be fine.
They don't do yearly updates and never have. If you must
get hysterical about something at least get the real information about what you are carrying on about. Statements like this just make folks dismiss what you are saying because you don't know what you are talking about.
I do taxes yearly, too.
x
Yearly income
I have three 1099's here in front of me -- one for 24K, one for 13K, and one for 5K. My W2 one is for 14 almost 15K. I did work without 1099 in the amount of 3K. The reason that my average goes down on the IRS forms is that after all my business deductions -- which includes my health insurance and 401K and Self employed retirement fund, mileage, supplies, etc. it goes down to less than 20K. Believe me or not, but it is possible and I still have time to go on the boards. I do not work 60 to 70 hours per week.
yearly wages
Last year had small MTSO two part-time IC's working for me, worked as employee parttime in clinic. Worked 50 hours per week. Made -- myself not counting what my IC's brought in -- $62 K. Starting June 1st, quit the employee position -- divorce attorney fees paid off, no IC's and keeping my 4 accounts, will work 25 to 28 hours per week and make approximately 40K from these four accounts per year. If I get stuck and need more will do overflow for another MTSO. But too many headaches and time to take some time for myself. Looking forward to it.
Patti
Yearly raise? What's that?
I've been waiting for 3 years for a raise I was supposed to get after 6 months.
Will it be a yearly thing now?
xx
Waiting for what? They don't do yearly updates.
What else is there to say? But if you want to keep on whining about something that is untrue be my guest.
yearly physical (joke)
I went to the doctor for my yearly physical. The nurse starts with certain basics.
How much do you weigh?" she asks.
"115," I say. The nurse puts me on the scale. It turns out my weight is 140.
The nurse asks, "Your height?" "5 foot 8," I say.
The nurse checks and sees that I only measure 5' 5".
She then takes my blood pressure and tells me it is very high.
"Of course it's high!" I scream, "When I came in here I was tall and slender! Now I'm short and fat!"
She put me on Prozac
Paying quarterly vs yearly
When I read the post regarding going from quarterly to yearly for IC taxes I got excited. I used to pay yearly until my tax guy told me to pay quarterly which I reluctantly started doing. All those years I paid yearly the IRS continued to send me quarterly tax payment vouchers which I ignored. Ok, so my point is, I just got off the phone with the IRS, explained my situation, IC who works production, doesn't make the same month to month, year to year and she STILL says I HAVE to pay quarterly and at the end of the year send in form 2210 which I think she said is an annualization form which will enable you to escape any penalties for sending in less if you made more last year. I do know if you have children there are circumstances that will enable you to file yearly rather than quarterly but I have no children at home so I didn't really pay attention to that.
Stedman's with the yearly updates. nm
s
no, annual pay used to be $500/yearly 4 india
x
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.
The Stedman's and then you buy the yearly updates afterward. nm
s
What happened to their advertised yearly raises? sm
Oh, I remember who the owner is and am not surprised.
how do you get away with paying yearly? the IRS determines if you should pay quarterly so
unless you are having a great deal withheld from hubby's check and only paying a little bit from yours, I do not see how you can be complying with the law by paying yearly. The IRS doesn't like that. They want their money NOW!
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.
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.
I work for a national, $600 yearly deductible and 15-30 copay
nm
Yearly income to expect as full-time... (sm)
employee (not IC) for a national?
don't count on raising rates yearly as an MTSO.
As an MTSO, don't think you are going to increase your accounts *yearly* (the word you used).....good luck if you're taking that route!!
I have my surgeons for a decade due to they pay very well and I have NEVER raised their rates because then they COULD choose to go elsewhere for less.....just my take.....
I also worked for nat'l services for years and they rarely raised their rates to their clients, as they, too, never wanted to lose any accts.
Good luck to you, whichever way you go!! 
Need advice on yearly line count raises please. sm
Could anyone please give advice on how much a yearly raise for a line count should be? What is good, what is bad, what is average? Thank you in advance.
Yikes...2-3 reports pulled per pay period here, not yearly..
sorry to see quality isn't a big issue at your company.
become an accountant or personal trainer
Although I dont make under 10$ 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
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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
Yeah, the IQ's are as ridiculously high as the make-believe yearly pay we often get quoted on her
If you believe any of this crap you really need to get out more.
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
In my area, the doctors do these tests automatically as part of your yearly exam -
And on my local ER account, if you're a female and show up at the Emergency Room, they will automatically do a pregnancy test on you, even if you've had a hysterectomy. I think it's a huge scam. The kinds of tests that are becoming "routine" is getting just plain silly.
Since yours is so old, you'll need the regular full-price version and then yearly you order the
s
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.
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