See an accountant. I'm sure you saved your old income tax
Posted By: statements. Hang in there. on 2006-03-07
In Reply to: So... what ya'll are telling me in a schizo kinda way is... - OP (thanks for info to all)
zz
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Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
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
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
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
I just have it saved...sm
in my ShortHand under degrees and it expands to the symbol.
Here's how I saved $$$$
I don't use tapes! The only special equipment I bought was a foot pedal. I have my own 800# and no phone bills! I pay a small monthly fee and a per minute charge for the time my docs dictate. I keep more of my money than ever before. Email me and I'll give you my resource.
you just saved me $$$$ thanks
you just saved me $$$$ thanks
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.
Thank you Anne!! You saved me. I think you are right!!!
You are welcome...Another1 Saved!!!
z
this saved my marriage
check out flylady.net - there is a lot of information there, so be patient and read through it...it will give you a different perspective on housework and make it easier on you, even if he does not pitch in. i had to learn to stop nagging my husband about the housework and just do it because i was grateful for my home and wanted to see the floor every now and again :-)one great thing is that, by biting my tongue about the housework, he slowly came around to helping because he was grateful that i was keeping the house nice for him.
also, getting rid of the clutter one step at a time will also help your husband's mental state - too much chaos is confusing for him. i have a mental illness - manic-depression - and having my house in order by following simple step-by-step routines that are written down so i don't have to think about them - just follow the list - has calmed me down considerably and left time for me to care for myself like i should. you will be helping both of you by slowly, step-by-step getting the house together. getting this will help your dear baby by leaving the floor and other areas clear for him to crawl around and do what babies do :-) without all the confusion of clutter.
flylady.net made me more loveable by cutting my tiredness and crankiness (because you clean in small steps that do not exhaust you). It also helped my mood, giving me the self-esteem that comes from tending and blessing my home (and, therefore, my husband) by keeping the clutter at a low liveable hum instead of a screaming mess.
one more thing - try to remember daily why you fell in love with your in the first place. trust me, he is still in there (i was). it was through the committment of my husband to stick by me and tell me all the time that he loved me and wanted to help me that i finally began to love myself again. sure, i still have my days, but they are fewer and farther between, and don't feel so heavy with his help around the house (minus my nagging) :-)
i also want to say that Jesus turned my changed my life - literally gave me a new life and turned me in a totally different direction than my life was taking - took me out of my self-destructive ways because He showed His love to me. i am praying for you. you are hurting right now, and so is your husband. i pray that your hearts will be healed and your love will come back. remember that you created a covenant before God and your families to stick it out through sickness and health and your husband made a covenant to stick it out through messy house or clean :-) blessings.
Good for you. lol Saved the day!
nm
money saved
I so agree with this. I only have to gas my car up once a month---which is a huge savings by working at home.
control-Z has saved me
on occasions where i've hit a wrong key combination and screwed up a report royally -- but you cannot hit anything inbetween the screwup and the control-z....
I have this list saved
(as a 2-column document) and then every now and then will print out 10 pgs or so at random. Then, when I'm watching TV, will scan through them to see if anything jumps out at me as something I should add, or trigger an "aha!" Then I make notes and add them to my Expander using my system.
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
Visit this website - it has SAVED me! - sm
I came across "FlyLady"... it is actually a website "family" that HELPS get this time and CHAOS under control. Things DO get out of control, and it slowly kills us inside... depressing us. This website helps you take control of your time, sets up 15 minutes a day ONLY to work on your "zones"... one week you are in the living room, then maybe the master bedroom, then the bathroom and another small room.... this disaster did NOT happen overnight, and you cannot expect yourself to get it straightened out overnight. Things get out of hand, but this website family can truly help... I did it, and within ONE MONTH my household was finally manageable, and I could open my door to anyone who came to visit... my friend and her husband came to visit me after a month of FlyLady work, and her husband just said "It just feels home-y to me. What did you do?" A MAN said that, and he didn't know what I was doing. It is very cool, and encouraging, and strengthening!!! There are e-mails sent several times a day for reminders to hop up and do a 5-minute "hot spot" rescue (hot spot being a spot in the house where it seems to get out of control).... take an hour, cruise the website, it is SO much fun... and DON'T FORGET TO SHINE YOUR KITCHEN SINK!!! IT WILL MAKE YOU SMILE!!!
Find the template where they are saved.
Usually, this is the normal template, in which case you're looking for normal.dot. Save that one to the flash or floppy.
If you read the Word help file in Word, you will get detailed, step-by-step instructions. I have found their instructions to be VERY helpful as I am a tactile learner.
I have older versions saved.
If this poster (or anyone else) needs an earlier version, I have setup files for both 4.15 and 4.02 available. Just shoot off an email.
A lesson I learned a long time ago--always have a backup plan.Whenever I download a new program and after setting it up on my computer, I save the original set-up file in a folder called, amazingly enough, Downloads. Then, when a newer version is released, I also save it (usually with the version number as part of the name) in the same folder. That way, if anything goes wrong with the update, I have the old setup files to fall back on.
How do I print what I have saved in PC Shorthand?
n/t
AutoText is saved to the normal.dot. sm
Your platform might block changes to the normal.dot or you don't have access to that file. Have you checked with the tech support for your platform?
Do you realize that the Bush tax cut saved this economy after 9/11?
Everybody got a tax cut. Now you can't cut taxes to those who don't pay any, can you? That would be socialism. BTW, do you realize that the unemployment rate in those countries with cradle to grave entitlements runs more than 10%, as compared to our 4.9%. France for example. I know it seems like a simple solution that the taxes from the high wage earners should be taken away and given to those who don't earn anything, but in economic terms, that can destroy an economy and therefore hurt the low wager earners even more. Case in point, the Clinton luxury tax back in the 90s. He put a huge tax on boats and jewlery and had to remove it because of the trickle down damage that did to all the jobs those luxury items created.
No, both my brothers saved up and bought what they could afford ($500) , I was not
so a car wasn't even in my horizon....but 2 of my friend had parents who had gotten them USED older cars so I got around okay (I had to find my own transportation everywhere). My dad did eventually get me a car though after I wreaked the one I was borrowing from him (brakes failed- 1960 Corvair)-- the car/wagon (1985 used) was $6000 (this is in 1987) and was my graduation gift from college. --- I used it for 2 years, put way to much money into it for repairs, and then sold it and bought with my own money a 1987 Blazer for $11K. I paid my own insurance once out of college, but my parents paid for it up until then though I did work 3 jobs while in school but that money was for books, etc, food, etc. Parents covered tuition, I did the rest. We will probably buy a used car for them to USE from time to time when the time comes as we are in the boonies and it would simplify things, but it certainly would not be THEIR car.
Work is not saved for certain MT's. I hear same complaint
z
Would you mind if I saved this creed of yours to look at when I get frustrated like this?
nm
They would have been saved to your normal.dot. Did you answer yes to the message
xx
I actually saved $400 on the same exact computer going on Ebay.
I originally bought it from Dell but they couldnt ship it here fast enough as I needed it so I went on ebay and found the same exact computer with Windows XP for $400 less. It had all the standard warranties, plus I got an additional 3-year warranty through Ebay for $69..
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