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Digimon or other self-employed / tax bors...quick question.

75th

75th

ololollllolloolloloolllol
EF VIP
Long story short, through this new firm I'm helping set up I'm going to be a 1099 bor. I know about the self-employment tax etc etc...my question is is there some kind of software that you recommend I use that can keep track of shit like all the cash I'm setting aside every month for quarterly tax payments, deductions, and all that jazz that comes along with being on 1099?

I've never seen the need to use things like Quicken as I've always been able to keep our finances very organized and straightforward. With this new development I just wanna make sure I don't mistakenly fug with the IRS.

I hear theyre a pain in the ass.
 
No bennies? You a straight 1099 and paying your health insurance and other fringes?

As far as payments, I just do quarterly estimates of my income. I believe you can either do it that way or base it on 100% of your last year's quarterly payments. I don't know that any software is even needed if you get a regular check.
 
Sounds like you straight up getting fucked if you are fixed salary with no benefits on a 1099 format.
 
Benefits are offered through one of the parent companies, but Ive always been insured via my wifes work and her 401k still matches dollar for dollar up to 6%. I need to hire 1 or 2 folks below me but theyll be taken care of.

Is it really as simple as just sebding in quarterly estimates? At the end of the year dont you get essentially a refund of half of the self employment tax you paid?
 
superdave said:
Sounds like you straight up getting fucked if you are fixed salary with no benefits on a 1099 format.
Click to expand...

Its a nice salary with bonuses thatll equal 3-4 times my salary.
 
75th said:
Benefits are offered through one of the parent companies, but Ive always been insured via my wifes work and her 401k still matches dollar for dollar up to 6%. I need to hire 1 or 2 folks below me but theyll be taken care of.
Click to expand...

Translation: I got my health care, them bitches can look out for themselves!

(yes, I'm kidding)

75th said:
Is it really as simple as just sebding in quarterly estimates? At the end of the year dont you get essentially a refund of half of the self employment tax you paid?
Click to expand...

I don't know about the self-employment portion. I always do withholding on my base salary. But I do quarterly estimates on everything else (majority of my income), otherwise uncle sugar would ream me come year's end.
 
mrplunkey said:
I don't know about the self-employment portion. I always do withholding on my base salary. But I do quarterly estimates on everything else (majority of my income), otherwise uncle sugar would ream me come year's end.
Click to expand...

get your own material ... geez :rolleyes:
 
Hey 75th, keep a detailed paper trail for your expenditures. I suggest you use a credit card such as: American Express / or any prime business Master Card , to keep track of all expenditures. Business cards generate quarterly reports with all of your expenditures attached so there is no question reference a deductible expenses. Digi is a CPA that specializes in public accounting, taxes etc: I would definitely shoot him a Pm, he can advise you on this much better than I. I am a CFO in the private sector which is totally different. You also need to hire a CPA such as Digi to complete and file your quarterly taxes. I know for a fact that Digi has to have so many hours per year of continuing education , to keep current with the current tax changes and revised laws that affect the bottom line in a clients taxation. The benefits of hiring a qualified CPA such as Digi is worth its weight in Gold. Good luck
I would use Quicken if it were me. Its easy to use and it tracks everything.
 
Arabian said:
Hey 75th, keep a detailed paper trail for your expenditures. I suggest you use a credit card such as: American Express / or any prime business Master Card , to keep track of all expenditures. Business cards generate quarterly reports with all of your expenditures attached so there is no question reference a deductible expenses. Digi is a CPA that specializes in public accounting, taxes etc: I would definitely shoot him a Pm, he can advise you on this much better than I. I am a CFO in the private sector which is totally different. You also need to hire a CPA such as Digi to complete and file your quarterly taxes. I know for a fact that Digi has to have so many hours per year of continuing education , to keep current with the current tax changes and revised laws that affect the bottom line in a clients taxation. The benefits of hiring a qualified CPA such as Digi is worth its weight in Gold. Good luck
I would use Quicken if it were me. Its easy to use and it tracks everything.
Click to expand...
Thanks.

Theres a doll of a CPA I know that works right around the corner from here...I may just give her a ring tomorrow and see if she can take care of things for me.

Id want to see how much money should could possibly bilk out of uncle sam via write off a while bunch of shit.
 
75th said:
Thanks.

Theres a doll of a CPA I know that works right around the corner from here...I may just give her a ring tomorrow and see if she can take care of things for me.

Id want to see how much money should could possibly bilk out of uncle sam via write off a while bunch of shit.
Click to expand...

That's not very progressive of you.
 
I look at it from a standpoint of value instead of cost.

Id think it would make sense to pay a bit more if we got more out of it. :)
 
75th said:
I look at it from a standpoint of value instead of cost.

Id think it would make sense to pay a bit more if we got more out of it. :)
Click to expand...

Well any big spender will be glad to explain to you that if you would just put more into it, you'd get more out of it. We simply aren't investing enough in this country. Barry will explain it in more detail to you this evening.

This is your chance to make a stand. Deduct nothing. And even take it one step further by paying an additional 10% in taxes.
 
I think that in most cases, the quarterlies apply to small businesses and contractors with employees. The rules change on if, and if so how often, to pay estimates, depending on how much you made the year before, and how much you expect to make this year. I don't think an individual person has to pay estimates on 1099 income. You have to pay quarterly employment taxes (941s, etc) if you have employees, or if you have other kinds of income maybe, but my wife and I get 1099s for rental and other types of income, and we don't pay any estimates (other than paying the whole estimated tax by 4/15 if we're going to file the returns late). Best advice is see a tax preparer or a CPA, since one small screwup can bring a big fine. You're responsible for your own social security payments, and for your own federal & state income tax. Otherwise, it's no big deal. When I was in the TV repair business, I got 1099s from some part-time and per-job contracts, and I never paid estimates. But that was 10+ years ago, and I wasn't making a lot. I just went to H&R Block, and handed in all the 1099s and other income stuff, and wrote a check for whatever I owed and filed it all by 4/15.

Charles
 
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