1099 tax issues

[vivache]

Hi
Anyone on 1099?
I need to know how to deal with taxes .. when to file etc.
Thanks
V
.. if easier to call let me know .. I can call you

[gcseeker2002]

Hi
Anyone on 1099?
I need to know how to deal with taxes .. when to file etc.
Thanks
V
.. if easier to call let me know .. I can call you
I have a tax filing question too. Can I file as Head of household when my wife files as single in the tax filing status? I found that this is how I can reduce my owed amount(If I file married file joint, the owed amount is very high).

[desi3933]

Hi
Anyone on 1099?
I need to know how to deal with taxes .. when to file etc.
Thanks
V
.. if easier to call let me know .. I can call you

In most cases, one must file Schedule C (Form 1040) on which list your income and expenses. The net income from schedule C (Form 1040) is reported on line 13 of Form 1040. On this net income, you will pay Self Employment taxes at 15.3% (12.4% SS tax + 2.9% Medicare tax). Also, complete schedule SE (Form 1040). 50% of the Self Employment taxes is deducted from your total income as adjustment to your income on line 27 of Form 1040.

If you have not done this before, consider professional CPA help.

____________________
Not a legal advice.
US Citizen of Indian Origin

[vivache]

How often do I need to file for taxes. Is this year end?

[bbct]

My wife received disability income from an Insurance Company while she was on maternity leave. However, the insurance company has not sent any tax statement. When we contacted them asking for a tax statement, they told us that they have mailed all the disability income information to the employer and they are supposed to add in the W-2. The employer is not supporting or providing a corrected W-2 for this wages or a new W-2 only for sick pay. What action should we take? We called IRS and they have asked us to wait until 02/15/09 and then they will let us know what is the next course of action.

I am failing to understand -
1) How should we know whether the disability income we received is taxable?
2) How to find that any premiums were deducted from her salary? We have not paid any insurance premiums with after-tax dollars.
3) If the employer is still not providing corrected W-2 after filing a complaint with IRS, how should we report this income on the tax returns?
4) The payment was received in 2 checks. One dated 11-15-2008 and the other 01-16-2009. Which income should be reported in the 2008 tax returns?

[H1B-GC]

Hi
Anyone on 1099?
I need to know how to deal with taxes .. when to file etc.
Thanks
V
.. if easier to call let me know .. I can call you

1099 Taxes have to be filed every quarter - Federal and state and before April 15th, one final Tax Return like everyone does.

Quarterly Returns:

April 15th
June 15th
September 15th
January 15th

Yearly 'concatenated':
April 15th '09

My wife started working since last year on 1099-MISC. Had to learn all this stuff. Lemme know should u have further questions.

[vivache]

What's inexpensive? Can you outline costs?

[PresidentO]

Yes id was created today as i completed my tax return today. They asked me for some reference and i thought while helping them i can assist fellow readers also.

I did my taxes for 39.99 (federal 1040ez and state tax return). I did not see a harm in posting and sharing with you guys.

Wow! nice great gesture for a tax company that helped you. Free load the IV space for them with out even caring to fill the profile. You rock!