Freelance & Taxes
Out of context: Reply #5
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- e-pill0
it depends on how much money you earned in the time that you were claiming 1099.
you will want to deduct 40% from your earnings to claim your taxes.
this is a very high percentage but its also to make sure you are covered by your claim.
also any and all reciepts for the time you are claiming will definitely be needed, so you can write off.
if you were working out of your home youcan claim 1/3 of your rent and half your bills for phone and electricity.
you can write off any supplies and transportation as well.
make sure you have a receipt for everything you are claiming as the Govt is already showing you that you didnt claim anything for those time periods that they are already posibbly auditing you as it is.
make sure you get an accountant to help you will all the loop holes in paying your taxes as there are sooooo many that can help you in your favour.
good luck and if all elsse fails RUN TO MEXICO!!!!
:)