[ale] ot: back to taxes

[Lightner, Jeff]

All the below is true but only if we’re talking significant amounts of money.

If it is something you do infrequently you may not have reached levels where penalties apply especially if your main W2 job pays you well.

The main thing will be getting the forms you need – since the Sched C and the Self Employment tax forms aren’t used by everyone, libraries often run out.

I used to do all those forms by hand but usually only had a couple of grand max per year.   These days I don’t have side gigs so haven’t had to do them in a while and began using TurboTax (online Deluxe).  I’m not sure if it includes the self employment stuff or not but it will calculate any penalties.

I doubt you need to file an extension unless you’ve got something really complicated (e.g. a lot of expenses you’re deducting for this side gig).

From: ale-bounces at ale.org [mailto:ale-bounces at ale.org] On Behalf Of Boris Borisov
Sent: Tuesday, March 31, 2015 7:24 PM
To: Atlanta Linux Enthusiasts
Subject: Re: [ale] ot: back to taxes

All good news :)

On Tuesday, March 31, 2015, DJ-Pfulio <DJPfulio at jdpfu.com<mailto:DJPfulio at jdpfu.com>> wrote:
On 03/31/2015 04:40 PM, Boris Borisov wrote:
> I know I can ask professional but why not get a hint from fellows.
>
> Last year I work for a company as employee and had second job which considers
> selfemployed. How do you need to fill taxes in that situation?
>

You should have already gotten a 1099 from the other company - assuming you
provided them with your taxID or SSN.  If not, you need to still declare the
income - sched-C.

The quarter when you received the income, you were responsible for
self-employment taxes, state taxes and federal taxes. There is a penalty for not
paying these in the correct quarter. Those penalties can be painful or trivial
depending on the amounts involved.

If this is your first year doing this - Go get an accountant - it will be hard
now. Expect them to file an extension ASAP. We aren't talking H&R block or any
of the side-of-the-road guys.
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