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Tax For Independent Workers

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  • 12-03-2007, 02:33 PM
    m2k
    Tax For Independent Workers
    Hi,

    I am from MN and work for a staffing agency based out of Tucson. I work on their staffing needs in MN.
    My work is only commision based and my employer does not provide me a W2.
    I bear my own expenses like Computer, Internet, Telephone and House Rent.
    In my tax filings , would these be exempted from my tax or no ?

    Thanks in advance for any information.

    m2k
  • 12-03-2007, 03:04 PM
    aaron
    Re: Tax For Independent Workers
    I suggest you go to the IRS website's small business section, and start reading.
  • 12-03-2007, 03:07 PM
    m2k
    Re: Tax For Independent Workers
    Thanks for the reply Aaron but I am technically employed by a company.
    I am not owning a business.

    M2k
  • 12-03-2007, 03:16 PM
    irsfixer
    Re: Tax For Independent Workers
    If you are getting a 1099 and not a W-2 - you are "owning a business". You can deduct expenses against that income but only a portion of home-office expenses, and then there are certain limits.
  • 12-03-2007, 03:17 PM
    aaron
    Re: Tax For Independent Workers
    It sounds to me like you're an independent contractor. If you're not sure, consult an accountant.
  • 12-03-2007, 03:19 PM
    m2k
    Re: Tax For Independent Workers
    Yes an independent contractor , then in that case what wud be the tax implications .
  • 12-03-2007, 03:20 PM
    aaron
    Re: Tax For Independent Workers
    Like I said,
    Quote:

    Quoting aaron
    View Post
    I suggest you go to the IRS website's small business section, and start reading.

  • 12-09-2007, 05:12 PM
    llworking
    Re: Tax For Independent Workers
    Quote:

    Quoting m2k
    View Post
    Yes an independent contractor , then in that case what wud be the tax implications .

    The implication is that you will have to pay self employment tax of 15.4% in addtion to regular income taxes on the amount of your net profit.

    You are technically in business for yourself as an independent contractor.

    I strongly recommend that you have your taxes professionally done this year. It will help you better understand your situation.
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