US Tax questions

Discussion in 'Legal Issues' started by isTay, Jan 22, 2008.

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  1. #1
    I am a web developer under contract at a small company. My paychecks don't have any income taxes taken out and I am a bit confused on how I'm supposed to go about filing my taxes. Can someone please help me out a little, I really don't want to get in trouble with the Feds =[
     
    isTay, Jan 22, 2008 IP
  2. Colbyt

    Colbyt Notable Member

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    #2
    You are self employed.
    Search my username for all posts to read the rest.

    I have answered some version of this question 5-6 times in the last month.
     
    Colbyt, Jan 22, 2008 IP
  3. isTay

    isTay Peon

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    #3
    Thanks and sorry didn't mean to ask reask a common question.
     
    isTay, Jan 22, 2008 IP
  4. soccerfriend

    soccerfriend Well-Known Member

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    #4
    you may also check out www.taxforum.us.. will find exactly what you need
     
    soccerfriend, Jan 22, 2008 IP
  5. snowbird

    snowbird Notable Member

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    #5
    If you made more then $600 (it changes yearly so I could be wrong), then that company should issue a 1099. That shows income earned from that company and is reported to the IRS.

    Self employment income allows you to take deductions. Your Internet access, business advertising expenses, etc. Get all your Internet/business payments in order now so that you can categorize them and deduct them. And by the way, it's worth it to pay an accountant to complete the tax forms for you, dpending on how much you earned.
     
    snowbird, Jan 22, 2008 IP
  6. isTay

    isTay Peon

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    #6
    Yeah, I recently learned about the deductions. Bought a new laptop and many other things I plan on dedcuting.:D
     
    isTay, Jan 23, 2008 IP
  7. l0ng2111

    l0ng2111 Active Member

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    #7
    hey, I have a question. I;m nonUS resident. Incase I register LLC in DE state, then do online business via website, receive fund through merchant, bank system. Do I have to pay any tax? or do i have to file them with the IRS everyyear?

    I'm a nonUS resident, controlling US company. How i'm gonna be treated for tax benefit? any advise? thanks
     
    l0ng2111, Feb 4, 2008 IP
  8. Colbyt

    Colbyt Notable Member

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    #8
    Corporate is way beyond my field of experience so most of this is conjecture. You are going to need some advice from a pro.

    Yes, you are going to need to file every year and the filings for a corporation are far more cumbersome than for an individual. You will need to apply for and get an EIN (Employer Id number) which is used in lieu of a social security number for most of the same purposes. You will need this even with no employees.

    Residents can elect to have their corporations be treated as chapter S, meaning the income is just reported and then passed to their regular tax return. This makes the entire process much easier. That option may not be available for non-residents.

    I am going to need to gather some information for myself later this week. If I run acrass a link that adds more info to this thread, I will update this post then.
     
    Colbyt, Feb 4, 2008 IP