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Thread: Taxes

  1. #1
    SitePoint Member radiantrock's Avatar
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    Taxes

    I dont know if this is the right place but oh well. I am a freelance web/graphic designer doing some random jobs here and there. How much do you need to make before taxes are involved? I am a student, so this is my only job right now, and i dont make a lot, but I just wanted to know if anyone knew what the law says if there is a minimum limit to have to pay or not?
    Josh Jarmin
    Fuego Designs
    fuego.radiantrock.com
    radiantrock@earthlink.net

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    SitePoint Zealot
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    i think it depends on what state you live in. In california, i think you are ok in it's under $600.
    Please somebody correct me if I am wrong.
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  3. #3
    SitePoint Guru MG315's Avatar
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    i thought it was under $600 the company hiring you doesnt need to file a 1099 or something. not sure about income tax though. you should talk with a tax lawyer about that one

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    SitePoint Wizard Lil_Red's Avatar
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    The best thing is to talk to a tax accountant. They can tell you what you need to keep, what you need to file and when to do it.

  5. #5
    SitePoint Member radiantrock's Avatar
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    Thanks to everyone so far for all the help.
    Josh Jarmin
    Fuego Designs
    fuego.radiantrock.com
    radiantrock@earthlink.net

  6. #6
    Hi there! Owen's Avatar
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    Taxes aren't really too hard. Esentially all the money you make needs to be reported. TurboTax will make it easy, but even without it, it's not too bad.

    Owen

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    SitePoint Enthusiast EightManagement's Avatar
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    No matter what, you should claim your earnings. That said, I wouldn't worry about owing a significant amount until you make over $500. Since your a contractor, the IRS sees you as a business. Therefore, you can deduct various expenses from the revenue that you earn. Expenses such as your ISP, a new monitor, industry books, and others can be deducted from your revenue. Keep in mind though that you should only deduct percentages if you also do schoolwork on your internet and monitor.

    Best thing to do is purchase TaxCut by H&R Block to do your taxes. It's usually $15-$20 and they generally give a $5 rebate. It will ask you all the questions that you need for your federal return.

    I am a tax accountant, so if you have any further questions, please feel free to contact me at eightmanagement@yahoo.com.

    Good luck.

    Joshua


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