Remember that's $40 before all expenses. nm
Posted By: Becky on 2005-12-19
In Reply to: Come on -- - Patti
x
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
I have no expenses except to buy my
computer, desk and chair, which after time becomes a wash and are nominal expenses. All my references are online paid for by the company (all Stedman electronic word books, my free personal subscription to Monthly Prescribing Reference, etc.)
Maybe you can cut your expenses? sm
If you are using telephones for dictation, maybe switch to handheld units? Or use a TASP to save money on calls? Use the Internet more to cut down on expenses. Hope this helps. If you can, keep your clients. They are hard to come by nowadays.
Medical expenses
January, 2000 - DH tore rotator cuff, needed MRI/arthrogram, followed by rotator cuff repair.
January, 2001 - I had foot surgery in podiatrist's office.
January, 2002 - DH had cervical MRI/myelogram, followed by anterior cervical diskectomy with fusion, two levels.
January, 2003 - DH had knee MRI, followed by arthroscopy.
January, 2004 - I had LASIK surgery.
OMYGOSH, it's almost January again! 
Why not just add it to your business expenses? nm
x
You can still deduct your MT expenses if your and IC - sm
regardless of taking the standard deduction. Your write offs for MT are on the Schedule C (not B). My husband and I take the standard deduction as we don't have enough on our Sch. B; then I write off all my IC deductions and report my income on the Sch. C.; putting the bottom line (income minus IC write-offs) on the 1040 line 12. So I am not quite clear on what you are talking about but I know how I do it is how most of us (if not all) do our deductions. You may want to do an amended return.
Tax Deductible Expenses
We ran a business for years from our home. As far as I know, you can take the base rate of your telephone bill as an expense (which includes FCC taxes) and any long distance calls related directly to the business. As for Home Owners Insurance, you can take 7% of the insurance because you use 7% of your home for your business. Also, anything related to the business such as equipment, paper, tapes or special software programs can be taken as well. If you have to travel to deliver the finished reports, I believe the rate is 28 cents a mile. If you travel, you can also deduct any maintenance on your vehicle. Hope this helps. 
Taxes, Expenses
I would have internet anyway; now I get to write it off. I would have long distance anyway; now I get to write it off. Everyone pays taxes and insurance, it is just a matter of who is doing the bookkeeping. Walmart STARTS at $8/hour and then when they pay all that same stuff they are really making $5- $6. You can write off ALL your health insurance, a portion of your utilities and the area you work in, computer, software, and other supplies.....save on gas (this is HUGE right now), work clothes, make up, day care, and and and. There's always more than one way to view something.
Also, are these figures before tax/expenses or after? sm
Some ICs might be quoting their pay before taxes and expense deductions, which isn't their ACTUAL pay for the year. If someone has their own accounts and says they bring in $50K per year, that's possible, but probably not the amount they receive free and clear.
I find it hard to believe anyone makes that much free and clear unless they are working 12 hours a day, every day, and pulling in a significantly high per-line rate. I'm not saying it can't be done, but I base this opinion on the fact that I make a very good line rate, type over 100 wpm for easy accounts I've had for years, and still don't bring in that kind of money free and clear. I come close with my gross income, but after taxes and expenses, it's only about 65% of that! And I work 9-10 hours a day with only one week of vacation per year.
Come to think of it, that's pretty sad when I see it on paper. LOL I'm going to go look for a new line of work now.
What is the cost of your living expenses? sm
I would really like to know this as mine seem high. My cost for the bare minimum, not including insurance, medical costs or entertainment, is about $1,800.00 per month.
Is that high to most people? TIA.
$350 a month for my share of expenses.
z
get a credit card just for your IC expenses
it will keep all your expenses in one place and you won't need to keep receipts, just the credit card statements. Other than that, track mileage, though to be frank most people will just claim an average mileage and then create a mileage journal if audited. Also if you will take the home office deduction, you can claim percentage of heating, etc. but easy enough to do that. Might be worth your while to consult with a CPA if you take the IC job, and then the first year that you do your taxes. He can explain everything you need and then you can take it from there. Just one or two more forms to fill out, nothing earth-shattering.
Poll: Earnings vs Expenses
1. What are your monthly earnings -- just you (no spousal income) -- doesn't matter how many jobs....monthly earnings?
2. Do you work more than one job?
3. What is your base line rate? If you have more than 1 job, list all base rates.
4. Now what is the minimum bring-home pay you need to survive each month? This is your housing, energy, transportation, insurances, food -- what you have to have to make it.
5. What's the difference? Are you in the hole? Got surplus? Breaking even?
My answers:
1. About $3100 each month.
2. One job.
3. $0.095 cpl plus some incentive bonus each month.
4. $2287 gets everything paid. Savings and pocket money not included in that figure.
5. Surplus but not much. Trying to save as much as possible and have a few greenbacks in my wallet each week.
Was told could deduct pet expenses. sm.
If it is a dog and is over 50 pounds, you can claim its food, vet bills, pet insurance, vaccinations all that as long as your business is run from your home. It applies as a guard dog. It does not matter which breed the dog is either. This is the state of Missouri, not sure about other states.
I am gonna try it as we shelled out alot of money over a period of time for a dog that was poisoned. Luckily, he lived.
WORK-AT-HOME EXPENSES JUST AS MUCH - sm
as if I were working outside the home, if not more. The only thing I would spend money on an outside job would be the $4.00 daily bus fare. I have more than enough clothes for work, no problem there, maybe lunch or can brown-bag. The company pays the office space, light, electricity, internet, cable, AIR CONDITIONING in summer (imp.)
On the other hand, even as an employee, I am not reimbursed for my high-speed, HIGH-COST cable/DSL/telephone I need to make these few cents a line, electric costs, lights, AC BILL JUMPS WHEN SITTING AT PC ALL DAY IN SUMMER, buy my own office supplies, books, references.
Just another mind sc---ing they give you by telling you it's cheaper to work at home. (I have no kids).  
6 months of expenses "tucked/socked" away? No way. sm
I am the owner of a small transcription company. We have 50 transcriptionists. We invoice $150,000 per month. Our payroll, taxes, manager salaries, postage, bank fees, overhead, etc run approximately $140,000 per month. That means that we should have $840,000 tucked away somewhere. No way. We depend on our customers to pay. Our employees are paid on time and paid a decent rate. Our bills are paid. To say that someone needs 6 months of expenses put away is unrealistic and naive. Where did I attend school? For undergrad, University of Michigan, for graduate school, Northwestern University, with a master's degree in Business Management and a Bach degree in Finance. The rule of thumb is to have one payroll worth of cash on hand or a line of credit available equal to that amount.
It's really annoying that people can toss out comments like that, stating them as if they were fact, without any basis of fact. Most companies do not have close to a million dollars lying around. If they do, it is foolish.
I also took home office expenses as an employee, but --
You can only get any good out of it if you are also a homeowner with a lot of mortgage interest or have a lot of medical expenses, etc., that would make it higher than the standard deduction.
deducting home office expenses -
For the home office expense - You would measure the amount of space you actually use to work (your desk area) and figure the percentage of that square footage to your total square footage. Then you would use that percentage of your utilities costs, etc., to count on your taxes.
I got into this because it paid more money and I didn't have daycare expenses.
I have more time for a social life now that I work at home. I go to lunch or coffee with family and friends. I used to run errands on my lunch half-hour at my old job and either pay my bills or balance my checkbook on my breaks. I know all the other parents at the school now, so we get together on weekends or chitchat at the school. When I used to work outside the home, I was so exhausted from dealing with crabby people all day long that I just wanted to isolate myself at home on evenings and weekends. Now that I work at home, I actually seek out friends to keep from getting isolated.
You could take him to small claims to get expenses and pain and suffering.
:+
Need help with calculating expenses for bid on large account. At the moment I do not know *sm*
how many lines they dictate per day/week. I am going to call the person who sent me the bid forms and ask. I do not have my own call-in system and would be using a TASP. Can someone tell me that currently uses a TASP how to go about figuring my costs in so that I do not under bid. I know that each dictator and the type of report is going to vary but on an average what would you say? Bottom line is I need to know how many cents per line I need to charge to cover the call-in system and my other expenses. Another thing they listed in the bid is that the vendor is to provide all other supplies including plain paper to complete each assignment. The hospital will provide any special letterhead, envelopes, etc. How do you provide the paper and probably the toner if you are doing this remotely? Would there be any other expenses that would fall under other supplies that you can think of other than toner and paper? How much toner and paper do I provide or should I ask the hospital what they use on a weekly basis? I would assume I have the right to ask questions as to how much paper, toner, how many lines they do each day or week on average. I want this account very much but I do not want to have to pay a cheap line rate and I need to make this worth my while. Thank you very much for you help.
One thing also - keep all your receipts of any business related expenses
I have a folder and everytime I buy anything related to work whether it be a pen, a printer ribbon, a book, a keyboard, etc. I put in that folder. Those things add up and they are all deductible which comes off of your gross. This is in addition to the home use of your office. A statutory IC is a great way to go because you don't have to pay the entire social security but you are still IC and can utilize the business deductions. If you pay your own health insurance and it is in your name that is also deductible. Keep good records...this is the most important I have learned being an IC. Also you will probably have to file quarterly if you make over a certain amount. If you don't you will be penalized by IRS and have to pay the penalty fee with your April 15th filing. And also remember to figure your state taxes for the year. However it does depend on your personal situation and if you file jointly with your husband that may change things. Good luck.
Personally I think IC is great but unless you have some really good deductions you can end up paying a lot in taxes . If you have to pay your own social security at 15% and you were taxed at 20% rate for federal and let's say 6% for state you would be paying 41% of your income in taxes which is no fun. But you only pay on your net income and not your gross so it sort of comes out in the wash.
home office expenses are still deductible if you are an employee - nm
x
My cost of living expenses monthly is $2200/month
I'm self employed, so I'm killed in taxes AND I live in NY...but I wouldn't have it any other way
I LOVE NEW YORK!!!!
Any help on form 8829*Expenses for Business Use of your Home would be greatly
Hi All,
I was a statutory employee last year but not now. I usually do my own taxes but am having trouble with form 8829 and am not sure if the accountant can squeeze me in at this late date. Thought I would try here first for help. I use my den exclusively for work (almost) and am going to take this 7% of our home as a business expense.
Under Part II... Lines 10 and 11. Deductible mortgage interest and real estate taxes...I am going to take the entire amount on schedule A, so, hopefully, do not have to enter anything here.
line 17. Insurance. Are we allowed to take a portion of our homeowners insurance as a deduction? I have no separate business insurance.
Line 19. Utilities. I know I can take 7% of my electric, gas, water, garbage (I think), but what about phones? We have both cell and regular phone. When I call, I use the regular phone for toll free numbers, but the cell phone to my boss who does not have a toll free #.
Then, I need to find the value of my home for Part III. I guess I will check home sales in the neighborhood and go by that.
Geez..sorry for sounding like such a dummy. I can do all the other...capital gains, etc, just not sure what is allowed for home expenses.
As I say, I will try to get in to the accountant, but any advise for any of this form would be greatly appreciated. I cannot complete schedule A until I have my Profit or Loss done, which I cannot complete until I do this form.
Thanks.
I too question you overhead expenses. I work for a company that only gets 11-12 cpl and pays us 8-8.
/
True but that is to cover the expenses like rent, office supplies, sm
manager salaries. That does not include payroll that is based on service.
A good example woould be this: You are starting a book store. You need to plan the original inventory and six months worth of expenses. If you sell that inventory, you use the money from that to buy more books. If you do not sell any at first, you can stay in business for six months while you get noticed.
With transcription or any service business, you need enough in the bank to cover the same expenses, those that can keep you afloat while building your client base. However, you only hire more people as you get more customers. The payroll does not figure into the 6 months as it is based on what you provide, whereas the 6 months takes into account what it takes to get it going even if you do not have 1 employee.
Very, very few companies can have $800,000 lying around. If they did, they probably would need to invest it in equipment or spend it in other ways or the IRS would consider it profit and tax the heck out of it!
I figure income minus expenses, send 23% for federal and 7.5% to state--sm
quarterly. The state probably differs state to state, but that is the percentile my accountant came up with. Have never had to pay and additional.
I deduct all expenses that relate to my home office-% of utilities, taxes, repairs to that room, --s
mortgage (we do not plan to sell our house so this deduction will not affect us)as my office is used only for that purpose, internet, phone, I print out a daily schedule so paper/ink, computer repairs, pens, pencils, tape, staples, file cabinets, storge bins for tax recepts/tax returns,file folders. Anything/everything I use to do my job.
I was using mileage for another account where I pick up tapes every day, but found for me the time it took to keep track of the mileage, write it down, add it up was not worth the effort so I quit doing it this year.
just please remember that....
science is a GOOD thing :) If anything, the ultimate gift of God. IMO
(shuttin up now)
OKAY, BUT REMEMBER
Remember, maybe your current employer would pay you a penny more a line (MAYBE), but what about the next employer. Things in this business change quickly, and just because your current employer may up your pay, the next one might not care.
Do you remember>>bet I'm
How about those HUGE transcription machines bigger than a desk>>>>I gravitated to MT from KEYPUNCH school...REMEMBER THOSE KEYPUNCH MACHINES!!!!!
I remember
I learned to type on a manual typewriter. I actually won a county typing contest on one of those, when some of the contestants had brought their electric portables with them. I won because I relaxed, thinking I did not have a chance on a manual, and had only two errors. They counted off words for each error. I got my A.S. in HIM, only then it was Medical Records Technology. My first job was in a small physician's office, where I had an IBM Selectric. Dictation was on this little thing with belts. After that was a machine with small little discs that looked like film, that never came out of the machine, just stacked up like a juke box. After that came tapes. My references were a big Dorland's, a Taber's and a PDR. Of course, like another poster said, I had the chart. Even with all the bad things about the business, I don't think I would want to go back.
ek, remember ET...
AND REMEMBER
Oct. 1 if you are ME, you get the "reward" of 20% decrease in pay.
just remember
remember
They used to think that about male nurses too.
I believe so, but can't remember what it is! nm
Don't remember where I was
I probably found out about it at night, when the newspaper arrived. It didn't phase me at all.
In terms of my age at the time ... 27.
How do you ever remember them all?
That's my problem
Remember When? SM
I posted last evening and spent time this morning just chuckling over what people have written. I still have the red book, "A Syllabus for The Surgeon's Secretary." It is all beat up and the spine is broken but I will not part with it. Let me quote, "Only when a satisfactory degree of proficiency has been achieved should a student be given actual work assignments. She thus learns by POSITIVE TUTELAGE as contrasted with the outmoded method of trial and error." The 2nd edition, January 1965 is the date of publication. We had no electronic dictionary or medical speller. Everything we wrote had to be correct or it was literally "thrown back at us" to retype. We had to use our "Dorlands" or "Tabers" and one PDR for the use of the whole office. Believe me, these "one of a kind" books were tattered and torn but we used them or else. We "had" to get it right, no excuses. What a wonderful way to start the New Year. Somehow it seems all worth it now, sore back and tired fingers and all. Happy New Year, Everyone. Mary Mc
I remember when...
As a child;
Movies were 50 cents. We went at least every weekend...
We got cable TV...wow, more than 3 or 4 channels!
Our first VCR had a remote...with a cord running across the floor!
As a teenager;
Let me just say...leg warmers!
Big hair!
Wham! Boy George! Flock of Seagulls...
Those were the days...
I remember
as a child
Combination TV and record player. The record player could play 33-1/3, 45's AND 78's
Stores were closed on Sundays.
As a teenager
White lipstick
Rolling hair up on orange juice cans.
Cash registers without scanners.
Wishnicks (lucky troll dolls)
Don't let the trolls get you down.
i remember those
I'm old enough to remember standing at the meat counter with my mom watching the butcher weigh out the meat and wrap it and if she wanted a special cut he would step back to a table with the meat saw and cut it.
I also remember long trips on Route 66 before the interstates- getting car sick because I was sitting with my knees on the seat looking out the back window watching the stripes and telephone poles go by- my cousins had a Rambler station wagon and that was really cool cause they got to sprawl out in the back it had a luggage rack on top - oh, boy am I really telling my age
Boy am I old. I remember......
when I was a child, and there was no TV, we actually had one of those big floor model radios, and we actually sat around it and listened to it. Wow. When I was a teenager, gas was about 18 cents a gallon, and we used to go out on a Friday night and get a dollar's worth. I also remember our first color TV. Everything looked bright pink, bright blue, and bright green. Probably my most significant memory as a teenager was being on my senior class trip in Washington, D.C. when Kennedy was killed. We saw the White House flag being lowered. Car radios were on all over town, people gathered around cars crying. That was back in the time when everyone was kind of "innocent" - things like that just didn't happen. Wow, what a memory.
I remember when...
Michael Jackson was "normal" and very cool. I remember when we only got three channels out in the country. I remember being in love with Erik Estrada from CHiPs! Ahh, nostalgia. I remember when Ricky Martin was in Menudo. OMG, so cute! When I need a nostalgia fix, I watch "13 Going on 30". She was my age exactly then! Loving those layered polo's and plastic necklaces! I remember watching NEW episodes of "The Cosby Show". Oh, can't forget "The Facts of Life"! Woohoo! Good thread idea. I'm smiling now! Thanx!
WHAT I REMEMBER
When we waited for guys to call us now girls ask guys out (I have two daughters). When you would not be stuck with one guy and would go out with several. When College was an option because jobs were more plentiful. Now College is a must. When TV had the good shows like Different Strokes, Facts of Life Etc, when Kenny Rogers was as hot as Tim McGraw and Kenny Chesney. When TV was a little more sensored than it is now. When there was more little corner stores and not a variety of supermarkets. When you only had one brand to choose at the store and not a million. When Sundays were a day of rest and not work(stores were closed). The only time you could get donuts was on Sundays at the corner stores.
I remember when...
Milk used to come in glass bottles with cardboard tops. Bread was wrapped in waxed paper with a label on each end. Kids had to be inside as soon as the street lights when on. Everyone ate dinner together, and you had to ask to be excused from the dinner table. All 3 of us kids waited in the back seat of the car while mom did grocery shopping, and we actually believed she could see us.
As a teen I remember city buses took us everywhere, or we walked. I remember bleeding madras shirt, tight cut-off kakhi-colored jeans (but I'm not sure kakhi was a word then), boys with bleached blonde surfer haircuts, and penny loafers without socks. I remember circle pins, letter sweaters, and Aqua-Net.
Thanks, fun!
Just remember
were you were only four days ago. You posted on this board "bawling your eyes out" and having no idea what to do. I am very happy for you, please understand that. But I have been where you are right now. I am not trying to dampen your spirits or get you down, I'm just trying to give you a little bit of reality. I didn't respond to your original post because I felt that you had enough people putting their two cents in. I left my husband over four years ago. It took a lot of courage and it was a very scary thing to do. He was a very emotionally abusive man who had taken away every ounce of self-esteem I had. But I got me and my son out.
I do want you to be happy and excited about the steps you are taking, but I don't want you to forget where you were just a few short days ago. It is very easy to fall back into the same old routine. I heard many, many promises from my ex, and I stayed with him only for things to always go back to the terrible. If you hang on to where you just came from, you won't allow yourself to go back there again.
Good luck.
remember when
I remember when I was working FT outside of the home. Lots of days it grated on my last nerve but I am, make that was, a people person and felt I needed that interaction. Due to child care circumstances I work FT at home now doing transcription. I do find myself getting more and more reclusive and miss the public less as times goes on. I do, however, have a p.r.n. position at a local hospital that I work when I want and so that gets me out there. I usually works Saturdays. I can work there as much or as little as I want. It is really not a hard job but by the end of the day I'm ready to go home. Both jobs make me appreciate the other one more.
I remember that too.
Besides, it looks bad. "He was seen 1 day ago and has had 2 episodes of chest pain, 3 times a day." Come on.
I remember.....sm
I remember the group "Seacrest out" now that you mention it. But I though he did it every show last year. That's cute that you use it.
|
