Questions about taxes
Is
there any reason I need to give my SS# when I am doing contract
only jobs? My new employer asked for it and I'm not sure I
should provide it unless I am an employee.
If you are doing contract work an employer
will probably send you a 1099 which states the income paid
to you as an independent contractor. You are required to file
your own taxes based on this income. The 1099 is also filed
with the IRS and your tax payer ID is your SS#. Make sure
any employer has some sort of contract for you to sign which
states you are an independent contractor and as such will
receive a 1099.
If no such contract is signed, don't send
your SS#. An employer is required to file a 1099 with the
IRS for any contractor who makes over $600 in the year. If
you only do a small contract for a company, making less than
$600 in the year, the company is not required to file a 1099,
but you are still expected to report the income.
If
I work at my home in State A and my employer's office is in
State B, what state do I pay state income tax to?
The state you live in.
Where
can I find more information about being an independant contractor
and paying taxes in the US?
Below you will find information helpful
in answering many questions related to being self-employed
individuals or independent contractors.
Who
is Self-Employed?
If you are in business for yourself, carry on a trade or business
as a sole proprietor or an independent contractor, you generally
would consider yourself as a self-employed individual. You
are an independent contractor if the person for whom you perform
services for has only the right to control or direct the result
of your work, not what will be done, or how it will be done.
Licenses
or Permits Needed to Operate Your Business
Although the IRS does not require you to have any licenses,
permits or sales tax numbers to operate your business, they
may be required by your state or local jurisdiction.
Do
I Need an Identification Number?
You must have a taxpayer identification number to operate
your business. This is generally your social security number,
or an individual taxpayer number. However if you have employees,
and in some other circumstances, you will need an Employer
Identification Number.
Filing
Requirements for the Self-Employed
As a self-employed individual, you may be responsible for
completing multiple tax forms, depending on your type of business.
IRS
e-file for Business and the Self-Employed
Electronic filing and payment options for businesses and self-employed
individuals including employment taxes, information returns,
partnerships returns, and returns for estates & trusts.
You can also electronically file corporate tax returns (Forms
1120/1120S), and returns for exempt organizations (Forms 990/990EZ
& 1120 POL).
Useful
Forms and Publications
A collection of relevant forms and publications related to
understanding and fulfilling your filing requirements.
Where
to File Addresses
Where to file addresses for individuals, businesses, and tax
practitioners.
Operating
a Business
Learn about the various responsibilities associated with operating
your own business. You will find many topics, such as: types
of business taxes that may apply, how to structure retirement
plans for your employees, deducting the cost of running your
business, and much more.
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