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Old 08-01-2011, 05:44 PM
 
Location: Manhattan
174 posts, read 415,343 times
Reputation: 81

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Just wondering if anyone out there does their own taxes? I am an “independent Contractor” in that I get paid commission by a 1099 form. I am a home based Travel Agent. I would love to do my own taxes as simply I am starting out and would prefer to find software program I could use to do this. I believe I need to pay taxes quarterly however I have only been doing this for a few months. I have my first real “payment” at the end of the month and it will be over $600.

Does anyone out there in a similar situation? I have always been “employed” so my taxes were taken out for me. Also your tax system here in the US is so confusing!! Especially with federal and state taxes.





Any advice would be GREAT!
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Old 08-01-2011, 06:27 PM
 
Location: Boynton Beach / Great Neck NY
233 posts, read 721,124 times
Reputation: 190
I would start by reading this:

Paying Estimated Taxes - Free Legal Information - Nolo




Quote:
Originally Posted by hutais View Post
Just wondering if anyone out there does their own taxes? I am an “independent Contractor” in that I get paid commission by a 1099 form. I am a home based Travel Agent. I would love to do my own taxes as simply I am starting out and would prefer to find software program I could use to do this. I believe I need to pay taxes quarterly however I have only been doing this for a few months. I have my first real “payment” at the end of the month and it will be over $600.

Does anyone out there in a similar situation? I have always been “employed” so my taxes were taken out for me. Also your tax system here in the US is so confusing!! Especially with federal and state taxes.





Any advice would be GREAT!
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Old 08-01-2011, 06:32 PM
 
Location: Manhattan
174 posts, read 415,343 times
Reputation: 81
florida_boy a HUGE thank you!!!
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Old 08-01-2011, 07:25 PM
 
Location: Boynton Beach / Great Neck NY
233 posts, read 721,124 times
Reputation: 190
Quote:
Originally Posted by hutais View Post
florida_boy a HUGE thank you!!!
no problem! Feel free to DM me if you have specific questions. I'm a CPA and had my own practice for a number of years! Good luck with your business!
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Old 08-01-2011, 07:42 PM
 
78 posts, read 377,117 times
Reputation: 60
im self employed, have a small part time business. My yearly tax owe amount is around 2k mark. Do i have to file estimate taxes, if so when do i have to file by and where can i file it? I dont know what i need to submit, i overally find it easier do all of the taxes at once by going to a local tax place in march to figure everything out and never had a problem. Is there a plenty for not filing estimate taxes, compare to just giving the irs a large lump sum before tax day?
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