I use Turbo Tax Small Business - sm
Posted By: USMT on 2009-01-08
In Reply to: Taxes as IC or subcontractor? - Pam
It will walk you through everything and prepare a schedule C for you as well. I would recommend this if you are going to prepare your own taxes.
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Turbo Tax Home Business Edition! Tax Q's!!
OK, I know you probably are sick of taxes, but here I am just getting started, as usual. I always owe so much $$ that it makes me sick, and so I procrasinate. At any rate, I had used Turbo Tax Home Business for several years and it was GREAT until last year. Then they changed the program and it tanked for me, but I have high hopes that maybe this year its better and improved??? My problem is that I work for a company - that big one who shall remain nameless, and am an employee, but I always take the home office deduction -- have done so for 20 years, as my home is taken over by my office. At any rate, last year on Turbo Tax Home Business you could NOT enter your rent or mortgage or any utilities off of a W2 form - you had to be an IC. I also am a per diem IC, so I have a few hundred dollars in W9 forms. But Turbo Tax last year would NOT let me use this home office deduction - it couldn't recognize it from a technical aspect with the W2 form. I'm just about to blow $100+ on the online version, and thought maybe I'd ask here first. Has anybody used Home Business edition TT this year? Is it great like it used to be? Any snags? I know I was not alone last year with this business office deduction as April 14th this board and all other MT boards were jammed up with hundreds of us trying to figure out how to manually override this snag! With no luck.... Anybody have any experiences with TT this year? Those are my only deductions, by the way - just home office and utilities, no other itemizations. So it should be easy.... LOL! LOL!
As an IC, you are your own small business. As a
contractor you have NOT been in their emloyment. You have worked as contract labor for them, whether it be 1 month, 1 year or 5 years. They owe you absolutely nothing at any point in time of the contract. However, should you contact their clients (as you mentioned below), there can be legal repercussions for you so I would seriously think twice about this before going forward.
As an IC, it seems you would know that you should not put all of your eggs in one basket. I would bet that most of us that are IC's work for at least 2 companies. For the ones that don't, they probably work for 1 company and have their own accounts, OR better yet have all their own accounts.
TAT is of the utmost importance. It only takes twice with me and I won't send anymore work to that particular IC anymore, which is my option. I might give them a second chance IF their work was top notch.
Small Business
According to what I read on the internet regarding corps, yes you can and you can be the only employee under I believe the S-corporation. There are C-corps, S-corps, partnerships, proprietorships and LLCs. That is the way I read the info. Reading all info gives me a headache, members, stocks, annual meetings, and so on. Yuck! Really do not know if it is worth it. If you go to MTT Jobs, I have noticed that many, many companies are now requesting employee status. At first I thought it was so they could have control over you, now second guessing. They may not have a choice in the matter.
Just became IC myself. Do I need a small business license?
dd
Small Local MT Business
Hi Rachel,
What part of California are you in, and are you looking for any partners?
If so, please e-mail me.
Independent Contractor vs. Small Business?
I am negotiating a contract with a clinic to be one of two transcriptionists. I have typed for this clinic for several years as a sub-contractor, but the current contract holder is not renewing the contract. The clinic's lawyer is not comfortable with "Independent contractor" as the contract would be for one year and for the usual questionable definition of an IC.
I tried to research this and just became more and more confused.. so I hope I can get a little advice here.. I do not want to be employed by the clinic - I prefer to be self-employed. Do I make myself a small business and get a license? I do plan to meet with my accountant to ask some questions, but I was hoping to get a little info here so that I would not sound completely stupid! (Doesn't seem as bad to sound stupid here rather than in person!) I am used to getting a 1099 and paying self-employment tax.
Are you an Independent contractor or a small business? I do not plan to have any employees..I just want to type for this clinic and get paid! THanks!
Any small MT business owners in CA out there? I need advice!!
I'm looking start up my own small bus., just a couple accounts, but I need to know if there are any HIPAA contracts or anything else that I should be providing for the doctor and myself to sign. Any advice would be truly appreciated!!
Thnx, Rachel
Want to start my own small business, need advice..sm
Hi all. I am looking to get started doing some transcribing on the side for myself, and perhaps turn it into a small business. Right now, I only have the capabilities of doing tapes and using Word as my software to transcribe in. I feel like I should look into digital and see how much the equipment would run, and how easy it would be to use. Does anyone have any recommendations on something that is relatively inexpensive for a beginner? Should I stick to my guns and start out with tapes first? Any advice would certainly be appreciated. I have been doing this for 16+ years and I feel like I shouldn't have any problems getting some local work drummed up. I am getting ready to type up some letters to send out and I guess I will go from there. Thanks in advance!!!!
I need some advice on starting my own small side business. sm
First of all, I have worked for several nationals in the past few years, and equipment has always been provided. I currently have a f/t position with a national that I use my own personal computer for, they just put their software on it. I had what I needed already, as far as foot pedal, Expander program, etc.
I have just been sort of rolling ideas around in my head about possibly starting up something small perhaps on a p.r.n. basis just to bring in a little extra income. As I am still just mulling this around in my mind, my questions are: How do I go about getting started? Do I try to purchase equipment first, or start out using tapes? I am worried about spending the money and not having any takers, so I am thinking, I should send out some sort of letters first; but, without having the equipment already, how do I tell them I plan on doing their transcription. Maybe mention tapes first, and tell them I have plans to go digital after I get up and running? These are all just things I wonder about. If anyone has any ideas, please feel free to email me with any advice.
I have been an MT for 16+ years, but as I said, I have always had all of the stuff provided for me and just don't know how to start.
Thanks in Advance!
Even with a salary you're kind of a small business owner!
Even if you're paid a salary you are your own agent, so to speak. Why not hire a part-time helper and pay them a subcontractor rate. That's what a service owner does. You are no hero for not getting some help. MTs who have their own accounts have responsibility for 7 days a week coverage, but not all of us type 7 days a week. Put an ad in the job seekers board and pay someone to take up the overflow. You will burn out and not be able to work at all eventually. Good luck to you.
It is absolutely TRUE! Comcast and vonage not sure about, but AT&T small business says NOT ALLOWED!
Vonage nor Comcast work with all equipment (static, echoing, etc.) and I would be interested in learning more about what "the fine print" says for these two companies. So, you must be misinformed because I have a sister who works at AT&T and no matter what package you buy, MT IS NOT ALLOWED.....and that is a FACT!
Turbo Jam: Has anybody tried the Turbo Jam workout? nm
nm
I get it. But in return for supporting the small business the poor folk get nothing in return.
I understand why you don't shop at Walmart. You support those who support you but it doesn't work that way for me. I can go to an independent shop and by a dishwasher, pay lots more for it and get nothing in return to supplement my support of their small business. Same for all the poor folk who are shopping in Walmart trying to stretch a paycheck. I am glad Walmart exists for those folks.
Turbo tax
If you get the Turbo Tax with the schedule C it will take you through everything. Basically supplies, equipment, mileage, computer programs, reference books - sources, internet if needed for work, phone. Don't know if you are an IC or employee so home office may and may not work for you.
Get Turbo Tax
If this is your first year it might pay to have a CPA or tax accountant do your taxes for the first year and then from there on out use Turbo Tax. All the forms are in there to do a Schedule C which is what you will need to do. Turbo Tax takes you throught it step by step for home office, utliites, supplied, etc. Or else can go onto IRS internet page and they have all the forms you would need. But again, first year if it costs $100 to get some advice from a CPA or tax accountant it is well worth it. I did it for 3 years and then past 15 have done my own with Turbo Tax.
Turbo Tax
Has anyone used Turbo Tax if you are an IC? If so, is it easy? I'm sick of paying my account a ton of money to do my taxes when it takes them about 15 minutes to plug info into the computer and spit the forms back out. Seems like it could be something I could do myself.
Used to Use Turbo Tax
When I became an IC I didn't trust myself to know all the deductions that I could take for my home office. My accountant is a friend's husband who charges $100 for our tax returns so to me it's worth it. He saved me so much money the first year, I was impressed. LOL
Turbo Tax vs Tax Cut
I have used Turbo Tax every year but one. The one year we used a tax accountant was when my husband drove truck over-the-road and weren't sure about all the tax deductions. He charged us an arm and a leg, and we did all the work for it. The only year we had to pay in too. We then went back to Turbo Tax. I have heard another MT say last year that she got a bigger tax deduction from using Tax Cut last year, and she compared it with Turbo Tax. I am going to do the same thing - since Tax Cut sent a free CD to us as a promo thing. Worth doing to see which program does it better. Turbo Tax is extremely user friendly. Even my husband, who is not terribly computer literate, was able to hop and do his tax information for his business. Very slick and easy. It totally walks you through depreciation, 401k stuff, extra properties, etc. Very easy!
I think Turbo Tax does
If you have last year's forms to go by I would try it myself. But that is me. If you aren't cheating or doing something wrong, why fear doing it yourself.
Turbo Tax
I'm getting ready to do my taxes and this year will be the first time usnig Turbo Tax. I'm an IC, single. Can anyone tell me roughly how long it will take who has used Turbo Tax? Thanks.
I tried Turbo Tax 2 years ago and STILL
am in awe at how totally cool it is, how EASY it is, even to file itemized and deductions, as well as do your state taxes as well. I used to use an accountant every year, paid him $400 to $500 just to use probably the same software, after having spent weeks compiling all the #s myself anyway. I was really afraid, but tried Turbo Tax and would NEVER switch. I think this year, though, I am going to buy it online rather than CD. It keeps your history from year to year - you will just be shocked when you see how efficient it is. And you can file using the e-form, and get your $$ back in like 10 days. Also, might I add, I never ever got $$ back in over 14 years until I used Turbo Tax - then got back $1K or so. I nearly fainted - 2 years in a row, and it was done correctly.
Agree with Turbo Tax (sm)
I started using Turbo Tax 3 years ago. All you do is answer normal questions and they know where to put them on the forms. Usually the first time you buy the software you get rebates so it is pretty cheap. Then you get your refund back in a week or two. They even tell you when you can expect to have it direct deposited in your account.
I highly recommend it. It is easy, you'll do your taxes that way forever more, and you don't have to pay some middleman hundreds to do your taxes or a huge percentage of your refund to get it back quick.
I've only used Turbo Tax
But I've been using it for many years and I love it. Very easy to use, even for IC stuff.
Turbo Tax, quarterlies
You can subscribe to Turbo Tax's quarterly program. Calculates tax for you, gives e-mail reminders for due dates - it's a good way to help keep on top of taxes.
small mentality usually means small pocketbook
Still make more than you and I but that is deserved. They've put the effort forward and educated themselves.
Get Turbo Tax, it has a whole section for this and asks you if you have this, this, that...sm
By using this I found 2 deductions I had no idea I could take.
I used Turbo Tax last year for the first time sm
last year and loved it! Only had the tuition credit, though. Everything else was just plain old taxes. I think I'll have to go back to the accountant this year, though, because now we have a rental house to claim for 2006 and I'm not sure how to do those. We have had them before and all that depreciation, etc, would confuse me. Also, I'm an IC now so I guess our taxes will be a mess in the next year since I've only been an IC for about a month now. That won't show up until 2007 taxes are due.
I've also used Turbo Tax for yrs without any difficulty...nm
nm
Turbo Tax on the internet offers all this and no software has to be bought
I have used it for years and you save your whole return at the Turbo Tax site. I love it.
Unfortunately it is legal..so yes it is business and they will continue with bad business practices
x
5 cats - Amadeus, Flash, Turbo, Rhiannon, Lizzie
Three Maine Coons and 2 domestic shorthairs.
I made my business your business by posting and...
I totally respect everyone's opinions. It is easier for others on the outside looking in. That's why I pushed the "post reply" button yesterday. I trust my fellow MTs and I know the more I read from you all, the more confident I am becoming. I just need that final push, not from him though. I also wanted to let you all know that the physical abuse while I was pregnant was documented by my doctor and the hospital. I only wish I had known then that it is a felony to abuse a pregnant woman. I also photographed my face from a couple of weeks ago and told several people in my circle. I had such high hopes for us. Now...not so much. I'm not saying that I won't try to get him to church, but I realize that God can only do so much for someone who isn't listening. j
Business is business. Internet forums are
.
For a business ad?! A business that deals
''Transcriptsis'' x2
''with good track record''
''serve our clients of all sizes'' (I know what they mean, but I just think the wording is funny)
''strive to achieve highest possible quality'' (once again, they never met an 'article' that they didn't hate)
''all departments including H&P...'' (or a comma, for that matter)
If I'm an idiot you're an uneducated turbo-idiot
At least I have the brains to see when it's time to change directions instead of crying about those bad, bad MTSO's and their foreign employees. Boo, hoo, hoo!
If one's biz is small I do not think you can....nm
Yes, you should get a small
social worker, psychologist, or whatever. You just have to wade in and start swimming. If you find the right account, that should help you start out.
Huge, I think it's small on my end (NM)
NM
$18,000+, small national. nm
Any small MTSO need PT help? sm
Okay, I have tried the big nationals and that did not work out for me. I would like something for a few hours a day - would love to do family practice SOAP notes again or something where I can just type away and make some decent money. I promise a fast turn-a-round and I am willing to work hard, but no complicated platforms and no set hours.
Why not sue in small claims (sm)
You have a business contract with them. It's not a paycheck we are talking about. It's payment for services rendered. Are they going to send someone to your state to defend it? Probably not!
It's actually one of those small bldg. you
added to the house but it's on the same property as the house...I can't really describe what it looks like. I have only seen it a couple of times. Not sure if that would work. It doesn't have to be that. Just whatever would work. I am more interested in seeing what has worked for others. Just wondering. Thanks for your response.:)
my office is a small
table between the kitchen and the dining room. Books are in a closet right next to it. It helps so I can keep an eye on what my toddler is doing.
how did you get your print to be so small?
if you are for real, your best advice is read this board and take good notes.
Yes, small services (sm)
used to pay 11 cpl IC, have now sold out to squids who in turn pay 7-8 cpl.
And services left average 8 cpl, if you're really experienced you'll get 10 or 11 and get such bad dictation you'll get a headache you'll never forget.
Small accounts
What kind of small accounts are you talking about? How do you find them? Thanks.
I know a couple of people who key as fast as you do, so it is possible.
small company
You just keep your eyes open all the time. Keep looking. You will find them. Opportunity comes knocking at the strangest time if you just keep looking.
A very very small family.
z
I had a small MTSO ask that once. sm
As I was heading toward the exit door, she asked me to send her every single one of the normals I used.
So, I sent her the exact ones she had sent me in the beginning, before I refined them to a fine tune, which had taken me hours and hours to do. I'm telling you, I had most tests for every doctor where I could just hop around and fill in the blanks. No way was I giving those hours of work away!
Thanks! The 16" look so small and the 20" so large! nm
x
small MTSOs
There's a great online resource for MTSOs of all sizes, varying benefits and pay, and variety of work. It's called www.MTJobs.com. Sign up to be on their mailing list. There are usually at least 50 companies listed on each newsletter, which comes out twice a month. Good luck in your search, and prayers for God's healing of your medical problems. :)
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