Thanks for the tip! I really appreciate it.
On Wed, May 29, 2019 at 10:26 AM <
techlists@phpcoderusa.com> wrote:
> If you are working as a freelancer / contractor you should get a 1099 each
> year. I think the government becomes aware when they get the 1099 the year
> after your earnings.
>
> Several gotchas
>
> 1) you will pay 15.3% for social security / medicare because you are the
> employer and the employee.
>
> 2) you may be required to make periodic tax and social security / medicare
> deposits or based on how much you make you might only be required to pay
> when filing your taxes.
>
> I prefer depositing what I owe monthly. I think this is the website that
> you can go to, set up an account, and make your payments:
> https://www.eftps.gov/eftps/ (it has been a while) I prefer depositing
> monthly because I do not want to have a dry spell and then owe taxes as
> well. I even over pay so I get a refund. You do not want to owe $2000
> .... $6,000 or more at the end of the year and not have it.
>
> You should read https://www.eftps.gov/eftps/ contact the IRS with any
> questions (be prepared for a long wait time) and talk to an accountant.
>
> As someone said, as a 1099 you can deduct a number of things you
> normally do not such as your cellular phone, use of home, hardware and
> software purchases, internet costs, office expenses.... etc. Check with
> your accountant.
>
> Be very careful... you do not want to get into a snag.
>
>
>
> On 2019-05-29 06:58, Michael wrote:
>
> thanks
>
>
> On Wed, May 29, 2019 at 9:54 AM Andrew McRobb <andrewmcrobb@gmail.com>
> wrote:
>
>> Got it. That I'm not sure about since that's kind of a grey area in my
>> book. Idk if someone on here can chime in on that, or maybe a question for
>> a accountant somewhere. Just dont want to give you false information.
>>
>> On Wed, May 29, 2019, 6:50 AM Michael <bmike1@gmail.com> wrote:
>>
>>> oh I was going to pay my taxes I was just hoping I could say I earned it
>>> in July rather than june.
>>>
>>> On Wed, May 29, 2019 at 9:45 AM Andrew McRobb <andrewmcrobb@gmail.com>
>>> wrote:
>>>
>>>> Also before I forget. Good thing about 1099 is you can deduct a lot of
>>>> things to not pay so much. E.g: Gas to get to work, supplies, etc...
>>>>
>>>> On Wed, May 29, 2019, 6:43 AM Andrew McRobb <andrewmcrobb@gmail.com>
>>>> wrote:
>>>>
>>>>> Yes, you still have to report your earnings and pay taxes and I would
>>>>> assume the feds would get idea how much you make on your employers
>>>>> bank account statment. I wouldn't mess around not paying taxes, it could
>>>>> very much royally bite you in the butt by the IRS down the road.
>>>>>
>>>>> I suggest asking around for a good tax accountant to help you with
>>>>> this.
>>>>>
>>>>> On Wed, May 29, 2019, 6:11 AM Michael <bmike1@gmail.com> wrote:
>>>>>
>>>>>> I might get a 1099 job. How does the company report my earnings to
>>>>>> the government? Is it reported yearly or monthly or is it something I have
>>>>>> to do? Meaning the feds have no idea when you made it just that you made
>>>>>> it..... when do they know it though?
>>>>>>
>>>>>> --
>>>>>> :-)~MIKE~(-:
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>>>
>>>
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>
>
> --
> :-)~MIKE~(-:
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