Sole Proprietor Tax Time
10 February 2010Lucky me, I have chosen my tax time to be all year around. Paying quarterly is better for my pocket and not quit a shock at the beginning of the year. Or so I thought. I got a friendly update from the IRS about my 2008 report. Yup, some 1099’s that didn’t make it into my hands, made it into the IRS’s hands just fine.
Please learn from my mistakes and have a checklist of companies that you should have a 1099 from. If you massage any clients that utilize their insurance, keep track.
I was pleasantly surprised to find the IRS helpline to be extremely helpful. They truly are there to help with any questions you have regarding your taxes. The gentleman I worked with on the phone was patient and explained to me all my questions, until I had none. He said, “just as long as I get to go home when my shift is over”. I had never called the IRS before so I am happy to report there is more help for my tax questions then I had originally thought. Some others I know, spend time with the good resources at lets say H&R or someplace. I myself have had a bad experience early on in life that made me do my own taxes. Ahhh Turbo Tax!
I found this article on How Sole Proprietor’s are Taxed, its great. Any help to make taxes more clear. 15.3% just for Self Employment Tax, ouch…..
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