write offs/deductions for IC's??
Posted By: sunnyMT on 2005-09-20
In Reply to:
Just wanting some ideas on what everyone uses as deductions. Im going to get hit hard this year and just seeing what everyone else does.
TIA,
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But you get tons of deductions and write-offs.
x
I don't pay more taxes. I have write-offs.
You have to decide that for yourself. Write-offs,
x
After I do my write-offs it's more like 10% - I think 30% is on the "conservative" side of
you don't owe. They have practice sheets you can do that will help you figure it out. Do a dry run using those and that will give you a better idea.
Write offs make a big difference. nt
x
write offs when working out of the home
As an independent contractor, where can I go to get a list of what I can write off legally when working from home?
TIA.
KSM
How do I find the things that could count as write-offs? nm
x
Get a good tax guy. His fee is a write-off. He will tell you what you need to do & deductions you
;I
Buy if from your husband. Have him write you a receipt. Write it off completely or
depreciate it over a few years.
lay offs .. yep .. me too.
I was greeted at the door this morning and walked to the office. Received my sererance package and then was allowed to clean out my desk.
When one door closes, another door opens. I kinda felt like I would be in this cut, hoping I wouldn't, but felt like it.
Good thing DH tuns 65 in July. Guess I'll have to start checking out medical insurance now.
Soooo if it's alright with you guys, I'll just hang out with you for a while.
Lay Offs
Boy this must be the week. I myself was also told on Monday that I was laid off from my hospital job I just started 5 months ago. I think they just used me to clean up their mess of backlog. I was very sad the first day, but then realized they did me a favor. No more working 10-6:30 shift and on Sundays, which I hated. My husband was happy. I am going to get unemployment so I can enjoy the summer months for the first time in about 10 years. It is going to be great.
As they say everything is for a reason. We may not see it now but we will later down the road. I think this is a blessing for me. They were always hounding me to get my line count. I never had acute care experience and only did clinic notes for 5 years but they hired me and I was always short 50-100 a day. I feel a huge pressure off my back. I felt like I worked in a factory. I never took a lunch and I feared if my doorbell rang or phone because I did not have a minute to spare or my line count would suffer. No one should have to work like this and I will never. My next transcription job is going to be like before on a 24 hour turnaround. I am not working set hours ever again.
Keep the faith- God always closes a door but opens a window and I have always believed this.
HUGS and love!!
Lay-offs
My job ended the end of December as a receptionist in a doctors, which lead me to going to MT school that starts the end of this month. And now you all are talking about getting layed-off from your mt jobs. scary, what is up ?
Lay-offs
Not what I wanted to hear, but thanks for the info.
DirecWay Drop-offs
Thanks for the tip. It looks like Direcway has a new upgrade from the 6000 model...more money of course. I will need to do something, as 3 days at half-production is just too miserable.
Direcway satellite drop-offs all day...
Is anyone else having problems with their satellite connection this week? After 6 months of no problems I am now getting constant drop-offs until 5 p.m. I am on the west coast and no weather problems. I have called "customer service," but that was beyond frustrating. Dial-up is excruciating to work with after being used to the high-speed. Thanks in advance for any info.
Sounds like any old pair of cut offs would be acceptable....
The description reminds me of my MUCH older brother's wedding circa 1973.... She was barefoot, he was in ripped jean cut off shorts, the preacher looked like something that crawled out from under a rock, and when he asked my brother if he had anything to say, he "grunted." Gawd, it was awful. I'm sure this wedding you're going to won't be that bad, but if the bride is barefoot and the groom is in khakis, then any decide informal summery outfit would probably be A-ok.
Speaking of rip-offs, anyone have any advise on how to get back money paid for a product you never
received? I needed a Dictaphone C-phone for my job (was using a loaner) and put a note on the equipment board pertaining to this back in May. A woman contacted me stating she had one for $100 (I only needed the phone, power supply and phone cord). She said she was going away for 3 weeks and to Western Union the money to her that night and she'd send it out the next day. I did not like the high pressure and was still shopping around anyway so I told her I'd wait the 3 weeks and contact her then. About a week later she emailed me stating she cut her trip short but was going away again that Friday (It was Tuesday), I had by this time decided to buy her phone. I mailed out that day via Priority mail a M.O. for $100. She was very anxious for the money, and thought I'd sent it Express Mail, which I of course informed her I did not. She stated that it should be there by Friday and if she did not see her mail that day that she'd have her mom check the mail and then mail the C-phone to me. After 2 weeks I emailed her as I had no phone as yet, no response. A week later still no phone, emailed again, no response. Then I called her (looked it up) and she claimed her email was "broken" and she had not received my emails but would email me back as she was on her way out the door to a baseball game. I asked her how can she email me back if it was broken??? So then she backpedaled and said she'd call me.... I held my breath at that point. So the next day by some miracle I get an email from her stating her mother had mailed it regular mail, no way to track it, etc. So supposedly it is lost. I emailed her back which it appeared she did not get as she did not respond to my questions but she did email me again saying she'd return my money.....again I am holding my breath. That was 8 days ago. She is in OK, I am in VA. If she sent me a refund promptly it would have been here by now. Now when I call her, she does not pick up, and no answering machine either. I am planning now to mail her a copy of her email and my response to getting my money back. I am assuming at this point that I was taken for a sucker and was obviously too trusting. Right now I don't have $100 to burn (who does?) with my drives to the hospital (60 miles round trip) for my daughter's chemo, doctor visits, etc, on top of only making about 1/2 what I used to make due to the changes in my life right now. In the meantime I got kicked off the account for which I needed the C-phone for (add insult to injury here) due to problems at the company I was working for, so that does not sweeten my disposition any. So does anyone have any idea how I can squeeze her and get my money back? Contact the police there for fraud? Small claims court in OK? I am a persistent pain in the butt and will keep at her until I get my money back, if it is fraud then she picked the wrong person to screw with, if it is on the up and up then it is unfortunate but she should have insured it to cover her own (and mine) butt, and sent in with a delivery confirmation too....but you know what they say about hindsight. Any ideas???
deductions
The IRS has guidelines published for people who file quarterly. I've been doing this at home for 9 years now. Over the years the govt has sent me vouchers which I've ignored. This year, however I decided to pay quarterly to stay out of trouble. I know there are exceptions for filing quarterly if you have children but since I don't I didn't pay much attention when reading the info. However, I have heard of ICs who had their husbands take more out of their checks but the IRS penalized them anyways. Hope this info helps.
deductions
Well 2600 out of 15 K is about 15% to 20% and it depends on the sq foot that you have in your office. I use 20% and deduct 20%. You cannot deduct ALL of it as it is only the percentage of the house that you use. If you are a business, an IC and it is required that you need that occupational license it is deductible. I deduct my business license which is a percentage of my business -- would trade the $200. If we want to operate as a business and want the deductions that you have to be licensed as such and pay the necesssary fees. Can't have it both ways.
I had about 12K in deductions.
.
deductions
I deduct and depreciate my house as I know I will live in it well after I retire and so won't have to worry about the depreciation move or when I die and my estate can well pay for it if it. But I deduct advertising, phone, health insurance, mileage, computer, supplies, depreciation of house, partial utilities, my internet, cell phone, etc. and it equals out to at least 15K a year. My mileage helps but if I were working outside in a hospital I would have that expense and no deduction so I don't mind. I also put aside 20% in my IRA which is a deduction. Most of these deductions I would have if I were not an MTSO-IC as I would still use internet, gas, house, utilities, etc. and would have more of a taxable income but someone is just holding my taxes for me and sending them in. But you have to think ahead to prepare. I go on vacation to places where there are seminars that I want to attend, etc. Again if you weren't an IC you would still have those expenses and they would not be deductible. It is just a shock because no one withheld for you during the year. You almost think and feel that your employer is actually paying those taxes for you and except for the 7.5 of SS they are just managing your money. So begin to manage yours now. If you have kids and give them allowances, you can say you are paying them for filing and be able to deduct up to 500 without doing a 1099. There are legitimate deductions out there but you gotta search for them. If you have your kids give out flyers, etc, pay them and deduct it. You give them money anyway. But I would not give up my house deduction/depreciation for anything as I know I will be here long after I retire. That is my long 2 cents worth. Patti
I need help with QA deductions..SM
It has been so long I don't remember the exact deductions and how it works. Could you please tell the very basic process for deductions and how it works. Specifically, how much is deducted for a word left out, the wrong medication dosage, no comma where there should be one, and when they type a word like has but it was supposed to be his.
I'd really appreciate it. Maybe someone knows a site that has this info. I couldn't find anything myself.
thanks.
deductions
Mileage for any travel pertaining to business, advertising, mailings, internet, phone, office, -- first couple of years I went to a CPA and then did on my own following his prior returns with Turbo Tax. They take you through it step by step. Anything you contribute to your SEP retirement, insurance, computer, desk. Get a good book or talk with a CPA. Have a separate check book for all payments to work related expenses. Even a couple thousand miles per year is a savings.
Deductions
Hello everyone. I know this has probably been discussed a million times and that there's probably information in the archives (which I plan to dig into), but I was wondering if anyone could, off the top of their head, guide me to a site or something that could specifically tell me what deductions I am able to take as an IC doing MT work for a national company? Thanking you in advance. Reb
Don't forget the tax deductions
Pleae keep all your receipts for hearing-aids/batteries, etc. and check with your tax preparer at year's end or before. I would think this would be deductible but worth asking about.
I only took the standard deductions
and it still happened to me. What I couldn't understand was that I was supposed to be in a less likely audit bracket because that year I was an employee, an IC and an SE. (they were trying to see if I met employee status on my SE account).
TAX question..deductions??sm
I am starting or trying to start my own business at home
but in order to do that I had to buy my own pc and use
it to take an online course at home in my spare time.
I work parttime for a national MT co. I want to deduct
the cost of the pc and the course from last year's income
which I earned as an SE (several W2s). Both the course
and the pc were bought in Dec. 05 using a small-business
credit card. I don't expect to finish the course for a few
months and only then will be able to "market" my new skill.
My question I guess is..when you purchase something by credit,
is it "totally deductible" in the year of purchase or do you
only deduct the payments in the year they occur? Thanks.
need some tips for tax deductions
I would really appreciate any tips I an get on tax deductions for at home employee.
Just keep deductions in mind.
I live in Alabama and out in the country. I count the miles I drive to the bank and to the post office, post office box dues, cell phone, extra phone line, internet, etc. As an employee I had to pay all these anyway, I just could not deduct them from my taxes.
I pay taxes now and take ALL deductions
x
Employee/IRS deductions
I have been claiming my home office for years as a deduction, which includes portion of my oil heat, telephone bills, DSL bill, computer, paper, pens, notebooks, etc, books, software, etc. I have been an employee and an independent contractor, and my accountant has always told me I could take these deductions, so I have with absolutely no problem. The rules for a home office is that the room you use needs to be for business, so I use a small bedroom just for my office, i.e. it cannot be a room you use for a bedroom and a home office. Hope this helps.
What are some examples of deductions you use?
nm
Disagree, as an IC you can take those deductions
I'm an employee now, and though I still do write off home office and percentage of my bills it's nowhere near the amount I used to be able to write off as an IC. All those extras have to add up pretty high to get above your standard deduction to write them off as an employee.
Since when as an employee can you get deductions?
nm
Income after deductions.
Income after expenses is what you are given credit for making. If you grossed $40,000 and had $10,000 worth of expenses, you made $30,000. This is your taxable income and what is credited as your social security income.
Are there any deductions for taxes on your paycheck?
nm
To all ICs claiming huge deductions...(sm)
I just met with my accountant yesterday. I am so sick I cannot think straight. I asked alot of people before moving ahead with an IC position and leaving employee status. EVERYONE stated that the deductions you can write off are more than worth paying the extra SS taxes that you no longer have an employer to pay. I even saw several people specifically state they lowered their taxable income by $10,000 or more so the IC status was well worth the headache of paying the extra taxes.
Well, I would sure love to know how in the world you ladies come up with these deductions. The accountant said my total deductions for my home office came to about $2400. But then my SS taxes I owed ate up that plus about another $1500. Are those of you reaping in huge deductions working strictly via the internet? I have no gas, mileage, vehicle wear/tear deductions because I'm strictly internet based. But even with considering those deductions, if I had them, I still cannot see where in the world you all are coming out so much better. Someone please offer suggestions/comments....have I just completely screwed myself over here or do I need a new accountant?? 
My IC home office deductions came to only sm
$1100 because I own my house outright and, like you, have no real expenses because I work at home off the Internet. My health insurance premiums are low because it's lousy insurance.
People with high mortgages will have a higher deduction based on that. They may travel each day to get their work, etc. Every person's situation is different.
I think you did okay!
BTW, if anyone uses H&R Block, I strongly urge you to get the Peace of Mind benefit for $27. Mine came in handy for 2004 when the preparer made a big, big mistake caught by the IRS (I'm going to end up getting a refund of what the preparer said I owed in 2004!!!) This may be my last year with the blockheads, though. I should say I've gotten excellent service in the last 25 years, except for that one preparer last year and Block messing up on its own tax preparation.
Wasn't that 20K TAXABLE after all deductions? sm
I wouldn't mind making more than that and only having to pay taxes on 20K.
You worked, they paid. You took deductions.
x
Does anyone remember name of book for deductions
if you work at home, saw posted a few weeks ago, wrote down and have misplaced. Thanks.
Try googling "book for tax deductions" or
x
depends on income and esp deductions.
last year was my first as an IC, and i saved back money for taxes -- needed none of it.
Hidden business tax deductions?
Have any of you come up with some not well know deductions we can take on our taxes? As you all know, in transcription our overhead is very low and we get SOCKED on the self-employment tax.
I already do the percentage of house on taxes, utilities, phone, gabage, etc. Full on cell phone, meager supplies, meager mileage, internet. Might have gotten yard care deducted last year, I forget.
Let me know if any of you have other areas of deductions!!
Been an IC for 17 years now. Never had a problem with deductions; however, I also have a husband
and we file jointly with a schedule C. We do receive a large return, but that is because he has so much tax money taken out, because over overtime, etc. I guess I am just the lucky one with that.
My deductions come out to about 10K a year working as an IC.
My independance and deductions, making my tax load LESS,
x
A good tax guy can help with taxes and give ideas on deductions. His fee is a
:}
I guess they are focusing on people who take huge deductions which I really dont so maybe that is
why they dont audit me because basically there is nothing to audit since my deductions are about $600 a year which are payroll deducted for equipment. I watch with my deductions that everything can be well documented but I really only have health insurance now which before you couldnt take so that is it for me and that is easy to prove.
A good tax guy is worth his weight. He will help you find deductions and if any probs with IRS,
;+
yu arr sew write!
I gess yu tolt me. I best be gittin on bak 2 the trailer. Eye dun bin tolt awf bi a jenyus! Yu gut me! Tak to ye after a spell Mrs. Frank. Buy now. Doen't choak awn awl that venum, now, ya hear?
Why would you write someone up
gee that is very encouraging, I have been disciplined even with my current job when I was in the mentor program but not written up !!!!! That style of company is not for me, I should have listened to the posts of how they are sweet and than watch out... I'm sure a lot of people are happy with them they seem to have a lot of employees
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