MetaChat - Here's my tax situation: Could I do this myself, or should I hire someone?

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24 March 2006

Here's my tax situation: Could I do this myself, or should I hire someone? →[More:]I live in New York City. I was a full-time student January-May 2005, and all the jobs I worked were freelance (1099). I also worked for one or two weeks at a part-time W-2 job in Florida. Then, in May, I went to work full-time W-2. Then, in December, I went to work full-time W-2 for a company I had worked freelance for. Now I'm trying to do the TurboTax thing, and they're asking me all these questions about my "business" and I'm so confused. Can someone who understands taxes guide me?

post by: ThePinkSuperhero at: 15:47 | 9 comments

Your "business" was being a freelance "X" (writer? programmer? it doesn't really matter); all the income that was reported to you on the 1099s goes there, and is offset by any expenses you incurred in connection with earning that income. All this is reported on a Schedule C of your 1040.

The wages from the three W-2s you received get entered as wages normally.

You can probably do it yourself, but I could do them for you if you want. The flat fee at the CPA I'm working with is $250 for the Federal and one state return (which is your situation, since you will have to file a NY state return but you won't have to file a FL return, since they don't have an income tax) and $100 for each Schedule C business.

Mention MetaChat to get a 25% discount, though. E-mail me if you want, or if you just have any specific questions I could help you with. Those would be freebies.

posted by yhbc 24 March | 16:10

i'd say it depends on how much stuff you want to deduct--i deduct my whole life almost (home office, depreciation on computer stuff, net connection, portion of utilities and isp, various other things, etc)

posted by amberglow 24 March | 16:23

See, that's one problem. These were part-time jobs I had during college, and I didn't know a thing... so I didn't keep track of "expenses" because I didn't really understand. And I'm not sure, with them being part-time and all, how that would even work anyway?

posted by ThePinkSuperhero 24 March | 16:28

It gets complicated. If you want to deduct stuff, use an accountant the first year, and then go by that (and what he did) to do it yourself in the future. It also depends on how much you work and stuff. They know how to not raise too many red flags.

posted by amberglow 24 March | 17:51

Sorry TPS, free lance stuff will complicaate your life. Get someone to do it. They should find deductions for you - transportation, etc. Oh, and going forward, withold as much as you can, cause free lance isn't taxed at all.

posted by rainbaby 24 March | 22:40

Next year will be so easy- only one (hopefully!) W-2 job. And better organized receipts for charity donations and the like.

posted by ThePinkSuperhero 24 March | 23:09

... use an accountant the first year ...
So as a tax attorney, what the hell am I, chopped liver?

Get someone to do it. They should find deductions for you - transportation, etc. Oh, and going forward, withold as much as you can, cause free lance isn't taxed at all
And, hey - isn't that just about what I said in our e-mail exchange?

C'mon, people, I'm working here!!!

posted by yhbc 24 March | 23:34

sorry, y : >

hire yhbc, tps, ok?

posted by amberglow 25 March | 01:03

asap.

posted by bmarkey 25 March | 01:03

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