 I recently became self-employed. How do I estimate my taxes for quarterly payments? |
I work as an independent consultant providing advisory services. My pay is gross with no deductions for advisory services to my clients in my consulting business.
Specific questions are:<... |
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 If my husband and I stop working for 8 months, would we still be entitled to CHILD TAX CREDIT? |
we wouldnt be claiming any other benefits, we have 3 children all under 8yrs
Additional Details
PS Im in the ... |
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 Can my old job charge me for my W2 ? |
| my old job I worked for last year of 2008 is will not send me get my W2, unless I pay online or on the phone $10. My old job told me to call a number and the Number told me to go to there website, ... |
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 How much does it typically cost to get your taxes done at H&R Block? |
| I received a coupon in the mail for $25 off tax preparation at H&R Block. I'm wondering if they can offer such a significant discount how much it typically costs. I usually have my parents ... |
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 Apparently my 2008 tax rebate is being taken from me in my 2009 tax return? |
| ok so i filed my taxes with my accountant. she told me i was getting back $3614, however i only got back $2796. ($818 less than what she said) when i spoke to her she said that because i got $600 ... |
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 Can I claim my boyfriend as a dependent? |
| The past 12 months (all of 2008) my boyfriend was unemployed, will have nothing to file, lived with me the entire time, and I was employed and supported us both. I worked as an independent contractor ... |
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 My ex boyfriend forged my name and cashed my IRS stimulus check, what do I do now? |
| I was in Japan visiting family when my refund came and my ex boyfrind claims to have cashed it to help pay bills. I never saw the check. How do I prove any of this?... |
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 My wife passed on Jan 2nd 2006, what do I file under on my tax return for 2006? |
| I am trying to find out my filing status for 2006 when my wife was only with me for Two days out of the year.... |
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| How is it that no one seems to understand the concept of a tax percentage? |
| Why is it that everyone assumes that those that make more money don't pay their share of taxes? True, there might be loopholes that allow them to sidestep taxes (and I am all for plugging each ... |
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 Tax refund question? |
| Since the government has this plan to send rebate checks of $600 to people who file their taxes and normally as a full time student I get a tax refund because I worked, will I be getting two rebate ... |
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 Are disability ssi payments taxable? |
| disabled man 61 yrs old, also rec'd income from pension- that amount was about 6000.00 more than the ssi payments total. only tax deducted was from pension (very small amount)... |
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 Would you do 5 years in a maxium prison for $50,000,000 tax free? |
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I so would do it cause i know that my life would be so much better afterward! I could do things that i probably couldnt do in my lifetime!... |
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mmc418 | How can I claim milage when I file my taxes? |
I DRIVE FOR WORK TO SALES APPTS I WAS TOLD I CAN GET UP TP 30 CENTS A MILE. IF THIS IS TRUE HOW DO I GO ABOUT DOING SO. |
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smh60437
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30 cents per mile is not correct, effective 1/1/07 the IRS rate is 48.5 cents per mile, fuel included. Tolls are not included in this amount. I assume you are an employee rather than an independent contractor. My answer would differ if the latter were the case. An employee claims unreimbursed business expenses on form 2106. That amount then flows to Schedule A (itemized deductions) as a miscellaneous itemized deduction subject to the 2% limitation. The total amount of of these expenses (Tax prep fees, tax prep software costs, portfolio management fees, investment expenses, safe deposit box fees, etc...) is reduced by 2% of your Adjusted Gross Income. (AGI) Your AGI is the amount on the last line of page 1 of form 1040. Your total itemized deductions must exceed the standard deduction to get any benefit.
Have you inquired if your employer reimburses for mileage? The employer is not required to give you back the full IRS amount but then the amount returned is not taxable to you under an accountable plan. If the employer reimburses, lets say 38.5 cents per mile, then you would report a net of 10 cents per mile on form 2106. |
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As Real As It Gets
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You would have to record the miles travelled "while working" and report them that way. Travelling to and from work does not count. |
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lmsleigh1
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Tell your CPA. I record all my mileage in a mileage and expense log. It's imperative to have it recorded in case you are audited. Then let your CPA know about it. Of course, all of your deductions must reach a certain amount before they count.
There are several other deductions you can get...did you know that your medical copays and prescriptions are deductible? Check with your accountant about specifics. |
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irongrama
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Mileage between appts is deductible for an outside salesperson. The amount is more like 40 cents I think. You claim this on form 2106, which is then carried to the Schedule A, Itemized deductions. If you do not have itemized deductions higher than the amount allowed you as a standard deduction, you cannot claim mileage. In the past, this was taken as an adjustment to income, and you did not need to be able to itemize to claim business related expenses. Presently, it is taken only if you have enough deductible expenses to itemize, usually only if you own your home and have mortgage interest and taxes. |
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mailjunkie123
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You can yes claim it as a business expense...and it is more than 30 cents...I'm not sure if it's now 48cents or if it's 45 cents (seems like it always changes). For it to be a deduction I'm not sure if you'd be eligible because you do have to meet a minimun critriea for it to be considered as a deduction (I believe it's $2,500).
Anyways, be on the safe side and contact the IRS...you can go to their website or you can just call them and ask.
I work in taxes (in a very elite national accounting firm). And I did work for one of the Big 4's |
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rhubardpi
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call IRS 800 829-1040 or go to irs.gov get the publications on this issue, then if still questions call IRS. |
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Wayne Z
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Business mileage is an itemized deduction subject to 2% of your income. If you don't itemize, you don't get a deduction. The rate for 2006 was 44 1/2 cents per mile.
You should keep a log book of your mileage showing where you went, who you talked to and what was discussed. |
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patrickmcc55
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The distance between your primary place of business, and your customers is tax deductible. You will need proof of the calls and the distance travelled (tolls are also deductible). An appointment book will suffice for the IRS. List the deduction on Schedule A, business deductions. |
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kermitnsarah
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I have done this in the past...and find the best way to do it is use a tax professional. They will be able to tell you the ins-and-outs and maximize your refund potential.
If you are filing on your own...you will have to use a long form. |
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rhsaunders
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Depending on the details, it is deductible on either Schedule A or Schedule C. Read the instructions for these forms for more info. As other responders have noted, it is essential to keep a logbook to document all such deductions. |
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