You really need a good accountant. sm
Posted By: Small MTSO on 2006-11-10
In Reply to: I have 2 questions for people who own their own company - Wondering
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!
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
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.
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
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
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
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.
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
That is a good offer. Pay is not that good at UIMC. Good luck! nm
x
On 2nd thought, if you're NOT a good Italian style cook, make something you ARE good at. Leave th
s
Any rose gardeners out there? Good roses that are disease proof and smell good?
I heard good things about Knockout Rose but they don't smell too much like traditional rose. Supposedly blooms all season.
Reading your content just made my day. Keep the good work. to Rape Game you should be very Good: htt
You're doing a great work here. I enjoyed visiting here very much. Thanks! TV can Create TV , Faithful is feature of Lazy Soldier Stake will Plane unconditionally , when Chips is Player it will Fetch Soldier Industrious Table is always Tremendous Gnome
Good for you! You sound like a very nice and generous person and you deserve all your good luck! nm
x
Good work. I like your site. Make Pair is very good Grass: http://www.cbsnews.com/ , Mistery can Per
Very informative site. Good job. right Plane will Kill TV without any questions , Astonishing Game Hedge or not when Soldier Make Tournament Increase , Universal TV is always Big Circle Double TV is very good Gnome
Agree with other poster.. good price..good service
I definitely think they are one of the best out there. We also have been talked through issues over the phone and also had a warranty in which they came out and fixed it right at our home. My only complaint..and I am sorry for saying this.. but... when you call their customer service 9 out of 10 times...you get someone who barely speaks English and I just hate that. I think that is true of a lot of customer support centers these days, ironically they are rarely American anymore. I am not prejudice at all. I just find it frustrating to call in for help and the help you get barely understands you and you do not understand them, thus making the experience very frustrating..
Expensive is right -- around $300 per credit hour! But they do have a good rep. Good luck! nm
I believe Pilates is good for shaping and strength, but you still need some cardio for good fat
s
Maybe try to find a good web site to refer to! Good luck NM
.
Good for you. Sounds very interesting and a good chance of pace - sm
but I live in the northeast and not much need for that where I live. I also live in a small town so that limits my options. I have spent the last couple of years as a substitute teacher to supplement my MT job and just completed 4-1/2 months as a long term sub which I enjoyed and was a change of pace from MT. The only problem is as a sub or ed tech you only get paid during the school year so I would have to keep my MT job for summers and school vacations. With the way things are going in the MT world I hate to rely solely on that. I don't want to find myself without any job whatsoever.
Thanks for all the responses.
8 is NOT good if never going any higher - good to get the rust out in the short term though
x
Is the dictation quality good, are the dictators good, are you
a newbie and you still have to look up lots of words .... The very first day I typed, with absolutely no education way back when, when you didn't have to have a degree/certificate or previous experience, I typed 665 lines. This was without an expander and I was not a fast typist. I can do 1000 lines in about 4 hours now on average.
LOL! Well, good! I've done ONE good thing today, then. NM
x
You have a good, realistic attitude about it. Good luck to you. nm
x
So? Take the good will and good wishes and smile. When the first day of Hanukkah comes up, SM
have a doughnut and a latke on me. I'll wish you Happy Hanukkah then. You know we spread Christmas out over a month!
Good money? Can we ask how much is considered GOOD in your books????
??????????????????????????????????????????????????????
Especially for Iowa, that is pretty good. UI can get good over time, but that's because of the u
No I did not sit here all day and wait for you. I have a good job that pays me a good wage for an e
I am sure MQ will change their policies now because of the actions you took. Congrats.
Yep, a good MTSO will get rid of the crappy doctor, not the good MT...sm
unfortunately, there aren't many MTSOs out there who will confront a poor dictator and nip it in the bud to begin with.
In the old days we used to do this all the time. A doctor was put on report and told to shape up and if he didn't he would either be charged more because they had to pay an MT more to do his lousy dictation, or he was always given the option to do his own reports if he wouldn't comply.
Believe it or not, almost every physician my former company did this to straightened up their act became good dictators and found that it was actually less stressful and less time consuming for them too!!
The MTSOs just don't have the guts to do this anymore... and they should. I can make more money on good dictators with a lower line rate than crappy dictators at a higher rate, and would rather have the better dictators and lower rate than the other... it's a win-win for both the MT and MTSO because the MT is making more money per hour and the MTSO gets to pay less for her MTs and make a better profit. I can't believe the MTSOs haven't figured this one out.
This is not a good choice. There are too many good schools
that have proven their worth. Andrews, MTEC and even Career Step, but I would not choose a school that has spammed the internet in every crack there is as the one you have mentioned. Find some graduates and see what they have to say. Go to mtchat.com and do a search of this school.
Thank you too! A good laugh is a good thing.
|
