Tax returns

[TheLurper]

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Anyone have any experience with 1099’s?
It’s my first year getting one and I’m genuinely confused as fuck, I do deliveries for a big company, didn’t even know I’m technically “self-employed”.

[close]

If you saved a chunk of every paycheck you should be ok, otherwise you’re about to be super bummed…

I had a boss pay me as an “independent contractor” without telling me and when I got my 1099 and did my taxes, I hadn’t saved at all and owed a ton.

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Haven’t saved shit, I’m about to be screwed it seems.

Are you actually an independent contractor? The IRS has rules about this and your employer could be the one who is fucked.

[BartHarleyJarvis]

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Anyone have any experience with 1099’s?
It’s my first year getting one and I’m genuinely confused as fuck, I do deliveries for a big company, didn’t even know I’m technically “self-employed”.

[close]

If you saved a chunk of every paycheck you should be ok, otherwise you’re about to be super bummed…

I had a boss pay me as an “independent contractor” without telling me and when I got my 1099 and did my taxes, I hadn’t saved at all and owed a ton.

[close]

Haven’t saved shit, I’m about to be screwed it seems.

Yeah could be ugly, unless your work was holding payroll for you for “self-employment” taxes. If they weren’t, you could owe 15-25% of what you made this year based on what state you’re in. I would start with a calculator just to see what you potentially owe, and maybe talk to an accountant. If you owe, just try to get on a payment plan. Going forward, try to save 20% of each check if possible and don’t touch it. Put it in a high yield savings account and wait until tax time.

[Craig Lutzka]

Expand Quote

Expand Quote

Expand Quote

Anyone have any experience with 1099’s?
It’s my first year getting one and I’m genuinely confused as fuck, I do deliveries for a big company, didn’t even know I’m technically “self-employed”.

[close]

If you saved a chunk of every paycheck you should be ok, otherwise you’re about to be super bummed…

I had a boss pay me as an “independent contractor” without telling me and when I got my 1099 and did my taxes, I hadn’t saved at all and owed a ton.

[close]

Haven’t saved shit, I’m about to be screwed it seems.

[close]

Are you actually an independent contractor? The IRS has rules about this and your employer could be the one who is fucked.

My buddy has a contract with the company XPO, I’m his only employee. They give us the routes/product and we deliver it. XPO classify’s us as independent contractors and not employees, I’ve heard Amazon and similar companies do the same.
It sucks we get no health insurance, no benefits, no paid sick leave...etc.
I have no LLC or any type of license, I’m just a dummy that signed on the dotted line because it was the only job I could acquire at the time.

[Craig Lutzka]

Expand Quote

Expand Quote

Expand Quote

Anyone have any experience with 1099’s?
It’s my first year getting one and I’m genuinely confused as fuck, I do deliveries for a big company, didn’t even know I’m technically “self-employed”.

[close]

If you saved a chunk of every paycheck you should be ok, otherwise you’re about to be super bummed…

I had a boss pay me as an “independent contractor” without telling me and when I got my 1099 and did my taxes, I hadn’t saved at all and owed a ton.

[close]

Haven’t saved shit, I’m about to be screwed it seems.

[close]

Yeah could be ugly, unless your work was holding payroll for you for “self-employment” taxes. If they weren’t, you could owe 15-25% of what you made this year based on what state you’re in. I would start with a calculator just to see what you potentially owe, and maybe talk to an accountant. If you owe, just try to get on a payment plan. Going forward, try to save 20% of each check if possible and don’t touch it. Put it in a high yield savings account and wait until tax time.

Spoke earlier with someone I trust on what I’ll be able to write off and how to get on a payment plan. Truly appreciate all the advice guys!!!
It sucks learning things the hard way.

[BartHarleyJarvis]

Expand Quote

Expand Quote

Expand Quote

Expand Quote

Anyone have any experience with 1099’s?
It’s my first year getting one and I’m genuinely confused as fuck, I do deliveries for a big company, didn’t even know I’m technically “self-employed”.

[close]

If you saved a chunk of every paycheck you should be ok, otherwise you’re about to be super bummed…

I had a boss pay me as an “independent contractor” without telling me and when I got my 1099 and did my taxes, I hadn’t saved at all and owed a ton.

[close]

Haven’t saved shit, I’m about to be screwed it seems.

[close]

Yeah could be ugly, unless your work was holding payroll for you for “self-employment” taxes. If they weren’t, you could owe 15-25% of what you made this year based on what state you’re in. I would start with a calculator just to see what you potentially owe, and maybe talk to an accountant. If you owe, just try to get on a payment plan. Going forward, try to save 20% of each check if possible and don’t touch it. Put it in a high yield savings account and wait until tax time.

[close]

Spoke earlier with someone I trust on what I’ll be able to write off and how to get on a payment plan. Truly appreciate all the advice guys!!!
It sucks learning things the hard way.

Been there. Hang tough!