just started as an installer

[ILinstalla]

Yea I just started as an installer about 2 weeks ago and was wondering exactly what do I have to do for taxes and what I can deduct from them? everybody's gave me different answers when i've asked them. some say i dont have to do anything until the end of the year and then right off all my expenses so i dont owe anything or i have to do quarterly taxes to make sure I dont have to pay into the taxes. And if anyone would know how to report this kind of income to child support it would be very helpful, thanks to anyone thats willing to help.

 

[markfp-1]

I'm not an accountant, but I'm pretty sure, if you're self-employed, you have to report and pay your taxes quarterly and not wait until the end of the year. The IRS isn't very forgiving even for honest mistakes so I would suggest you spend the money and have an accountant set you up the right way. Good luck.

 

[Jared Twomey]

my mom has worked for a tax company for the last 10 years, and she always does my taxes,
and we always just do it once at the end of the year...
you need to keep track of all of your deductions and everything all year long though...

 

[Titan_Wireless]

It depends on how much you make year to year. If you make allot more this year then you did last year the IRS might ask you to pay quarterly next year. Most of the time you will be just fine paying once a year. If you do your taxes with quicken (for example) it will tell you if you need to pay quarterly when your done. You can opt out also by telling them that you do not see a big increase in income the following year. Hope this helps.

FYI always ask a CPA to CYA!

 

[ILinstalla]

could anyone help a list of deductions other than mileage? and does anyone know how child support works around this type of job? thnx all

 

[wobbie]

Go to the library, get a tax book and read it. I'm not sure if they would still have a 1040 booklet out but I bet they could get you one. After doing so, if you still have questions the IRS offers all sorts of free literature. Also, don't forget about self-employment tax. As far as the child support, that will be up to the attorneys and judges and of course the ex. If you're looking to stay in this businmess for a long period of time, I would suggest you go talk to an accountant and see about incorporating - S corp. The S-corp keeps you on the personall tax level, full corporation is taxed higher. Way too many deductions and write offs to list on a website and it all varies with each individual.

 

[f2rc]

could anyone help a list of deductions other than mileage? and does anyone know how child support works around this type of job? thnx all

save all your receipts for your vehicle. gas, oil changes, all that. sometimes the total comes out to be more than your mileage. you can write off one or the other but not both.

I save all my receipts for tools, stock, insurance, my cell phone bills, everything i use for work. my accountant puts it all together for me at the end of the year.

in my personal life, i also save all the receipts for co-pays, prescriptions, everything i can think of. when in doubt, save it, ask the acountant later.