Working as IC - ExMT Posted: Jul 14th, 2017 - 6:04 pm In Reply to: Don't let people scare you away from being an IC - CC
I worked as an IC for years and was able to write off many of my expenses. I measured the office space I used and was able to deduct a portion of the utilities paid for the year along with the costs of anything related to my work. I did my own taxes for many years, and called the IRS for any questions I had which they would answer for no charge. I did pay quarterly taxes most of the time, then got lazy and stopped doing that. Since I did my own taxes, I never figured out a penalty for not paying quarterly and the IRS never said anything about it. I believe as long as you pay enough taxes from other sources during the year, such as a husband's income, and you don't owe more than $1000 at tax time (federal), you're not penalized. You probably should talk to a tax accountant or call the IRS--they are very helpful and will send you the appropriate booklets or forms you need. Best of luck to you!
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