taxes

[Portia]

So, a cadre of HR professionals in pastel shirts descended upon my sketchy company today. I am unbelievably relieved (they are now forcing my superiors to give me the tax status I ought to have had all along), and yet I have started having a mild panic attack. For 8 months, I had a very straightforward job, the usual deductions and above-the-board paperwork. For the past six weeks, I've been a full-time secretary yet paid the way you'd pay a quasi-legal gardener or nanny. I clearly will owe back taxes, and don't know what I'm doing. I also invested a little in different funds/stocks. So tax day is literally 10 days before graduation (I'M FINALLY GRADUATING EVERYONE AND CAN SELL MY SOUL TO A CORPORATION WHICH WILL GIVE ME BENEFITS, HALLELUJAH), and I've heard rumors of wonky accountants in the Tanner building who will do it for cheap/free. I can't handle it and I'm super nervous to be in arrears or some nonsense.

[S.A.M.]

The VITA Site at BYU is located in the Tanner building room 332.

Figure your taxes in February so you don't have to stress about it in April. You don't have to file in Feb if you owe, but at least you would know and could plan accordingly.

[Portia]

The VITA Site at BYU is located in the Tanner building room 332.

Figure your taxes in February so you don't have to stress about it in April. You don't have to file in Feb if you owe, but at least you would know and could plan accordingly.

This is the best thing ever. THANK YOU!

[Whistler]

also if for some reason that doesn't work out my mother-in-law is a certified tax wizard

[Portia]

My ex and my grandma are my go-to backups. : )

[Waldorf and Sauron]

Ok, this isn't actual tax advice, yadda yadda. (When I say "you" what I really mean is this is what we did for our own situation, okay?)

Krebscout and I have dealt with this kind of stuff before from working freelance, and the one thing to keep in mind is that anything that you made for which you weren't an "employee" where you had to fill out a W-4 and your employer had to withhold taxes, you should count on your tax return under self-employment. On your tax return, you'll fill out a 1040 with a Schedule C and a Schedule SE. You'll be able to make certain deductions (such as for your own health insurance) and after that, you'll have to pay around 15% of all earnings—that's just your self-employment tax. On top of that, you'll have to pay income tax.

I think it's probably worthwhile to get an accountant to help you get things sorted out. Free is obviously better, but even a paid one will give you much-needed peace of mind and will probably help you save money on your taxes. Then, you can look over the return and if it looks easy enough, just do it yourself next year.

[bobtheenchantedone]

I certainly go for paying someone else and getting peace of mind. Of course, I'm running a business, so it's a little more complicated.