How do I file my tax and get a refund if I work 1099?

Hi, I was advised by my tax lady that all I had to do is pay an estimated tax of 10% on what I make every quarter, which I have been doing. My question is how do I file my return and get a refund and do I get any money for my kids? I always file with W-2 so this is the first time I am only filing with 1099. Any idea will be very much appreciated.

5 Replies to “How do I file my tax and get a refund if I work 1099?”

  1. This could be possible by filling out your 1040 income tax return correctly and completely and print a copy for your records and sign the other 1040 with all of the other required forms and schedules attached for this purpose to the correct IRS address for processing at that time.
    Very good daily detailed written records and receipts of all of the ordinary and necessary expense of this business operation is one of the NEEDED requirements for any one that is involved in any type of self employed independent contractor business operation.
    You would be a self employed independent contractor with your own business operation and your ORDINARY and NECESSARY business expenses that you NEED to have GOOD very good detailed daily written records of for this purpose will HAVE to be reported on each separate LINE of the schedule C of the 1040 tax form for this purpose and it is would be called your itemized business expenses if that is what you want to call the business expense.
    And here you go using the below information should help you get started for your first year as a self employed independent contractor and as you progress and your business starts to grow you may even need some good professional assistance with it for your future.
    Schedule C and the SE of the 1040 federal income tax return read each line when you start at the top of the page on the schedule C for your self employed independent contractor business operation your name is fine your social security number is fine and your present home address can all be used for this purpose just do NOT try to make it complicated and read each line and word and understand what it says and do what it says and then you should NOT have any problem.
    You can also find the line by line instructions for the schedule C by using the website and using the search box for the schedule C 2010 Instructions for Schedule C (2010) 2010 Table of Contents Profit or Loss from Business…

    Specific Instructions…

    BUT GOOD detailed records are really necessary for your business operation to succeed.
    For your 1040 Federal income tax reporting you would use the below enclosed information for this purpose.
    Use the search box at for Publications and Forms for the Self-Employed…

    All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
    Using a receipt book to make a receipt for each time that any one pays you in any way or item or trade for the amount of $ $ value that is received at that time and totaling the gross self employed income for the tax year with any other 1099-MISC income that is received after the end of the tax year and entering the total gross $ $ $ value amount on the schedule C line 1 GROSS receipts from your trade or business
    In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
    You would have to be sure that you handle your business deductions correctly for your business operation.
    For instructions and forms go to the website and use the search box for publication 334 a very good place to start with examples.
    Publication 463 Travel, Entertainment, Gift, and Car Expenses
    Use the search box at the website for Small Business and Self-Employed Tax Center
    Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
    2 of the seven tax tips for starting a business enclosed below.
    Go to the IRS gov website and use the search box for the below referenced material
    *Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

    Hope that you find the above enclosed information useful for your situation and good luck to you. 09/30/2011

  2. You have to itemize your deductions. You don’t necessarily get money back from your kids. You get a deduction due to having a kid. Just based off of you asking this question, my best advise is to find a good tax preparer and have them do your taxes. Or, there is a ton of tax software that will walk you through most deductions that you can claim. Software like tax act and the like keep up with all of the changes imposed by the government. If you’re thinking about just going to an H&R Block, where the the tax preparer is also your mechanic, then definitely look into the software.

    The best answer really is to find an accountant or a professional tax preparer that has been working in this field for a while. Without help, you will probably miss a few deductions that could make a difference in the amount of return you may expect. Also, depending on your income level, you may not have paid enough in to get a refund. You very well may find that you could be lucky to not owe after you file your taxes. Either way, find a professional. It’s not worth trying to figure out on your own and there’s no way to keep up with all of the changes unless you have a reason to.

  3. If you get a 1099 then you are responsible for both sides of social security and medicare. Those rates are the sum of 4.2, 6.2, 1.45, and 1.45. As you can see you’ll owe at least 13% of your total income to cover your Self Employment tax or SE tax as its often called. Depending on how much you make you’ll likely also owe ten percent or more for regular income taxes. By making estimated payments of only 10% you will very likely owe additional money at the end of the year. Since you’ll be filing a Schedule C you may be able to take a series of business related expenses that would reduce your taxable income but it sounds like you’ve probably done a poor job of tracking those expenses. You should start keeping track of those very carefully and try to recreate what you can from the time that has already elapsed. I always suggest to those who are self employed to either sit back 30% of their income if it’s their first year to cover taxes at year’s end or to make estimated payments based on their prior years income (which is required). To answer the rest of your question the only other thing that will change on your return is that line 1, taxable wages, will be zero and the line associated with schedule C income will be filled out with what ever you get your income down to. Be advised that by filing a schedule C the odds of facing an audit is nearly quadrupled. Also be advised that even then it’s very unlikely, about 1:50.

  4. 10% MIGHT be enough, if you qualify for EIC. If not, wouldn’t be even close to having enough paid in.

    File form 1040, schedule C and schedule SE, also schedule EIC if you qualify. Can’t even guess what you’ll get back, if anything, without a lot more info, like how much you earned for the year, if you’re a single parent, how many kids and how old they are. Please post again with that info.

  5. your file a Sch C and SE with your 1040, if you have been making payments on 1040ES each quarter, when you file your tax return claiming what you are eligible to claim there may or may not be a refund, it depends on a lot of things, how much you paid in, how much your income tax is and what your self employment tax is
    you claim the exemption of your children, same as yours $ 3700 and if they are under 17 living in your household you have a child tax credit of $ 500 that applies to your income tax liability, it is not a refund
    the 1099 income is earned income and makes you eligible for EIC

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