TAX DAY - APRIL 15 BLACK WEDNESDAY
phongone
1,652 Posts
Whose paying? And whose getting a refund?Had my ass handed to me and will be paying a shitload to the guvment this year.
Comments
Big f*cking cosign.
I got a 1099 for 300 dollars worth of freelance work.. took 200 bucks off my return.
Note to working DJs. If they ask you to fill out a W9 don't bill them more than $599.
Not having goverment sponsored social programs?
or
Paying taxes?
I know what you're saying, and Im trying to be a good democrat. But just sayin' damn it hurts writing large checks to the government.
It also "helps" (if paying out money helps) to be paying for a lot of things that are counted as a credit, like mortgage and student loan interest.
Is that how it generally works? If so....thats fucked up IMO. Do you have 'Pay as you go/earn' systems?
If you work a regular job - i.e. with payroll and deductions - you pay as you go based on estimates of what you will owe and based on what you say some of your deductions will be. Then at tax time you go back and look to see how close you were and whether or not you over or under paid.
What most of these guys are talking about is getting paid from side gigs or other non-wage income where nothing was taken out, so they have to cough up everything at once.
ahh...not as bad as I thought... cheers for the info.
BTW- does this mean alot of dudes here are gonna have to do a few 'gotta pay the taxman back' fire sales on ebay? (Cus if that was me, I know I wouldnt have put anything aside but would have blown all my cash on records)
I pay taxes every year on freelance work; first year was a drag, and I definitely blew all my money on records and booze, and freaked come April.
After that, I've been fine. Plus, as you do this year-to-year, it gets easier, and you learn tricks. First off, you can make quarterly estimated payments. That is, technically, a legal necessity, or else you pay the gov't. penalty interest.
Plus, I calculate my taxes in January as soon as I get my info, and then have an extra three months to come up with extra scratch if need be... I "did," my taxes in February, but paid them last week.
besides saving every single receipt imagineable, what are some other ways a freelancer can make sure he aint paying out the ass ome april 15 2010?
I am by far not a tax expert. Way, way, way far.
To my knowledge you can go ahead and file.
If you think you need to change it later you can file an amended tax return.
Never done it but that's my understanding.
wait till they tell you something.
yeah, i they owe you money, you can take your time.
you actually have several years to claim money they owe you