Guest guest Posted January 30, 2002 Report Share Posted January 30, 2002 Yes. ----- Original Message ----- Was wondering if anyone could help me with a tax question. If you are an IC, working for a national company as an IC, do you fill out a Schedule C and SE, just as if you owned your own business? Thanks, Bonnie Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 30, 2002 Report Share Posted January 30, 2002 I am glad you mentioned the telephone: I put in a second line but it is not advertised as a business line. It is only for receiving taped dictation. The phone company does not list it in the phone book. I do have a home office but I don't own the home. It is moms and I live in to care for her 7/24 so I can't use this. I don't pay her any rent. I just care for her and live in. The phone is under her name, I believe as it is billed as part of her phone bill. I do pay the phone and the cable bills. I just kept it under her name (actually my dads who died over 14 years ago) so I wouldn't have to pay for a new line. What do you think? I was going to claim the second line installation.I don't use an accountant as I can't afford it. I just use the Quicken program which does guide you step by step through the tax forms. Aliceanne On Wed, 30 Jan 2002 09:53:20 -0600 " CDC " writes: > Yes, that's right. As an independent contractor, you do own your own > business. Also, keep in mind that if your office is in your home, > you are allowed a deduction for the home office as well as a portion > of your utilities (electric and gas) and any checking account > services charges, internet fees and extra phone lines (not your > personal line, though). You will need to speak to your tax preparer > about this, as I don't know the specifics. My husband works for the > IRS, and I only know what he tells me. He is the one who actually > fills out the form. > > > > > tax question > > > Was wondering if anyone could help me with a tax question. > If you are an IC, working for a national company as an IC, do you > > fill out a Schedule C and SE, just as if you owned your own > business? > Thanks, > Bonnie > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 30, 2002 Report Share Posted January 30, 2002 Yes, that's right. As an independent contractor, you do own your own business. Also, keep in mind that if your office is in your home, you are allowed a deduction for the home office as well as a portion of your utilities (electric and gas) and any checking account services charges, internet fees and extra phone lines (not your personal line, though). You will need to speak to your tax preparer about this, as I don't know the specifics. My husband works for the IRS, and I only know what he tells me. He is the one who actually fills out the form. tax question Was wondering if anyone could help me with a tax question. If you are an IC, working for a national company as an IC, do you fill out a Schedule C and SE, just as if you owned your own business? Thanks, Bonnie Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 30, 2002 Report Share Posted January 30, 2002 Re the phone line, my opinion is that if it's not in your name, you can't deduct it. It might be worth putting that 2nd line in your name to get the deduction in the future though. You can't claim a home office expense because you don't pay anything for the space. I understand you are basically bartering for it, but I wouldn't open up that can of worms with the IRS. Rennie, ex-bean counter Re: tax question I am glad you mentioned the telephone: I put in a second line but it is not advertised as a business line. It is only for receiving taped dictation. The phone company does not list it in the phone book. I do have a home office but I don't own the home. It is moms and I live in to care for her 7/24 so I can't use this. I don't pay her any rent. I just care for her and live in. The phone is under her name, I believe as it is billed as part of her phone bill. I do pay the phone and the cable bills. I just kept it under her name (actually my dads who died over 14 years ago) so I wouldn't have to pay for a new line. What do you think? I was going to claim the second line installation.I don't use an accountant as I can't afford it. I just use the Quicken program which does guide you step by step through the tax forms. Aliceanne On Wed, 30 Jan 2002 09:53:20 -0600 " CDC " writes: > Yes, that's right. As an independent contractor, you do own your own > business. Also, keep in mind that if your office is in your home, > you are allowed a deduction for the home office as well as a portion > of your utilities (electric and gas) and any checking account > services charges, internet fees and extra phone lines (not your > personal line, though). You will need to speak to your tax preparer > about this, as I don't know the specifics. My husband works for the > IRS, and I only know what he tells me. He is the one who actually > fills out the form. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 30, 2002 Report Share Posted January 30, 2002 I have a receipt for the phone line and I did the ordering. I will call the phone company and see what I can do to clear this up. I have been paying with my credit card so maybe that would help. What I might be able to do is ask them to separate the bill into home and second line with my name on the second line. Will have to see. Aliceanne On Wed, 30 Jan 2002 10:30:20 -0600 " Rennie " writes: > Re the phone line, my opinion is that if it's not in your name, you > can't deduct it. It might be > worth putting that 2nd line in your name to get the deduction in the > future though. > > You can't claim a home office expense because you don't pay anything > for the space. I understand > you are basically bartering for it, but I wouldn't open up that can > of worms with the IRS. > > Rennie, ex-bean counter > > Re: tax question > > > I am glad you mentioned the telephone: I put in a second line but it > is > not advertised as a business line. It is only for receiving taped > dictation. The phone company does not list it in the phone book. I > do > have a home office but I don't own the home. It is moms and I live > in to > care for her 7/24 so I can't use this. I don't pay her any rent. I > just > care for her and live in. The phone is under her name, I believe as > it is > billed as part of her phone bill. I do pay the phone and the cable > bills. > I just kept it under her name (actually my dads who died over 14 > years > ago) so I wouldn't have to pay for a new line. What do you think? I > was > going to claim the second line installation.I don't use an > accountant as > I can't afford it. I just use the Quicken program which does guide > you > step by step through the tax forms. > Aliceanne > On Wed, 30 Jan 2002 09:53:20 -0600 " CDC " > writes: > > Yes, that's right. As an independent contractor, you do own your > own > > business. Also, keep in mind that if your office is in your > home, > > you are allowed a deduction for the home office as well as a > portion > > of your utilities (electric and gas) and any checking account > > services charges, internet fees and extra phone lines (not your > > personal line, though). You will need to speak to your tax > preparer > > about this, as I don't know the specifics. My husband works for > the > > IRS, and I only know what he tells me. He is the one who > actually > > fills out the form. > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 31, 2002 Report Share Posted January 31, 2002 I have just complete my transcription course and am now in the process of looking for employment. My question is: Can I deduct expenses such as desk, computer, school, paper, ink, etc. on 2001 taxes when I have yet to make any income. Also I am not sure whether I will be statuary or IC. Dandy's Lady Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 31, 2002 Report Share Posted January 31, 2002 You will probably find that most businesses have more expenses than income in the first year. You can deduct desk, computer, paper, ink, etc. if you are an IC and I believe Quixote told us yesterday as a statutory employee. I'm not sure about school expenses. Equipment expenses can be written off over a period of time. For example, the purchase of a computer could be written off the first year or spread over (3?) years. Why would you want to do that? Well, if you are already in debt and have not earned anything yet in that first year, why would you write off the computer expense in the first year alone if it can be an expense over the next year when you will be earning money? The one investment that has saved me money was a good accountant. I would highly recommend one. My accountant came to my house, set up QuickBooks for me, explained how and why things get put in each category, and I do my own bookkeeping. She does my quarterly taxes and personal tax account preparation, with schedule C for all of the deductions. She is not that expensive and well worth every penny I've ever paid her. Unless you are good at reading all those tax laws and have the time to do that, I think an accountant would be your best investment, especially with just getting started. Just my 2 cents. Morrow, CMT Accu-Script Transcription Service accuscript1@... Tax question > I have just complete my transcription course and am now in the process of > looking for employment. My question is: Can I deduct expenses such as desk, > computer, school, paper, ink, etc. on 2001 taxes when I have yet to make any > income. Also I am not sure whether I will be statuary or IC. > > Dandy's Lady > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 31, 2002 Report Share Posted January 31, 2002 You can deduct tuition education expenses if it is for education on your current job but not for education to change jobs. Tax question > I have just complete my transcription course and am now in the process of > looking for employment. My question is: Can I deduct expenses such as desk, > computer, school, paper, ink, etc. on 2001 taxes when I have yet to make any > income. Also I am not sure whether I will be statuary or IC. > > Dandy's Lady > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 31, 2002 Report Share Posted January 31, 2002 We incorporated last year on the advice of our tax man. He even told us to put in the bi-laws that medical would be paid by the company, which would make all medical expenses 100% deductible. Last year we owed over $5000 in taxes and according to our tax man, we should get a huge refund this year. We'll know Saturday as we will be doing our taxes then! I hope he's right! val Tax question > > > > I have just complete my transcription course and am now in the process of > > looking for employment. My question is: Can I deduct expenses such as desk, > > computer, school, paper, ink, etc. on 2001 taxes when I have yet to make any > > income. Also I am not sure whether I will be statuary or IC. > > > > Dandy's Lady > > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 31, 2002 Report Share Posted January 31, 2002 Are there basic rules on incorporating and where do we find that information? Or should the accountant know? I'm trying to check into it in order to get more tax savings. Winnie Tax question > > > > > > > I have just complete my transcription course and am now in the process > of > > > looking for employment. My question is: Can I deduct expenses such as > desk, > > > computer, school, paper, ink, etc. on 2001 taxes when I have yet to > make any > > > income. Also I am not sure whether I will be statuary or IC. > > > > > > Dandy's Lady > > > > > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 1, 2002 Report Share Posted February 1, 2002 Again the SBA has classes on all this mostly held in community colleges. Contact your local Small Business Association for their scheduled workshops or classes. They are excellent. Aliceanne On Thu, 31 Jan 2002 21:15:29 -0800 " WinnieBear " writes: > Are there basic rules on incorporating and where do we find that > information? Or should the accountant know? I'm trying to check > into it in > order to get more tax savings. > Winnie > Tax question > > > > > > > > > > I have just complete my transcription course and am now in > the > process > > of > > > > looking for employment. My question is: Can I deduct > expenses such > as > > desk, > > > > computer, school, paper, ink, etc. on 2001 taxes when I have > yet to > > make any > > > > income. Also I am not sure whether I will be statuary or > IC. > > > > > > > > Dandy's Lady > > > > > > > > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 1, 2002 Report Share Posted February 1, 2002 I am still purchasing equipment and since I work only part time, about 2 hours per day, I don't make near enough to say I profitted yet. Well, maybe this year? Be hopeful. Quick books was recommended to me too but I had already ordered and installed Quicken. If I found an accountant who would come in and explain it I would also go for Quick Books. Aliceanne Aliceanne On Thu, 31 Jan 2002 12:20:41 -0500 " accuscript1 " writes: > You will probably find that most businesses have more expenses than > income in the first year. You can deduct desk, computer, paper, > ink, etc. if you are an IC and I believe Quixote told us yesterday > as a statutory employee. I'm not sure about school expenses. > Equipment expenses can be written off over a period of time. For > example, the purchase of a computer could be written off the first > year or spread over (3?) years. Why would you want to do that? > Well, if you are already in debt and have not earned anything yet in > that first year, why would you write off the computer expense in the > first year alone if it can be an expense over the next year when you > will be earning money? The one investment that has saved me money > was a good accountant. I would highly recommend one. My accountant > came to my house, set up QuickBooks for me, explained how and why > things get put in each category, and I do my own bookkeeping. She > does my quarterly taxes and personal tax account preparation, with > schedule C for all of the deductions. She is not that expensive and > well worth every penny I've ever paid her. Unless you are good at > reading all those tax laws and have the time to do that, I think an > accountant would be your best investment, especially with just > getting started. Just my 2 cents. > > Morrow, CMT > Accu-Script Transcription Service > accuscript1@... > > Tax question > > > > I have just complete my transcription course and am now in the > process of > > looking for employment. My question is: Can I deduct expenses such > as desk, > > computer, school, paper, ink, etc. on 2001 taxes when I have yet > to make any > > income. Also I am not sure whether I will be statuary or IC. > > > > Dandy's Lady > > > > > > Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.