A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Starting a business, info on filing taxes, FICA, etc. - What Was I Thinking

Posted: Jan 04, 2011

In starting your own transcription business, without using an accountant, how do I find out what I need to do in order to file taxes, FICA, etc.? Is there one website that would give me the best information? Can't afford an accountant for now.

Thanks so much!

see msg - nycmt

[ In Reply To ..]
i just dusted off this book i've had for years, "The Independent Medical Transcriptionist" to see if there were any hints and tips. of course they stress that you "seek the counsel of an accountant", which i really strongly suggest you do if there's any possible way you can manage to swing it.

anyway, they also suggest going "to the nearest IRS office and asking for information regarding self employment"

i would really really suggest you see an accountant. they can set you up with your quarterly taxes so you don't get crushed at the end of the year, answer all of your questions about the 2x FICA, and they can tell you about deductions you wouldn't even know existed. and SAVE EVERYTHING, every receipt, every bill, everything...even your ISP is a write off :)

another thing - take a look at the tax laws in your state, to at least get a head start on that. and since that book was so old, i'm sure they would now tell you to go to the IRS's website. as i flip through it, i don't notice any websites to look at for anything...just a bunch of phone numbers! ha!! who uses the phone anymore?!

it was copyrighted '94, hehe.

see if you know a friend of a friend.

Accountant/legal is absolutely a must. - Chickadee

[ In Reply To ..]
First order of business is protecting yourself, legally and financially. If you don't have the knowledge to wade through the financial/legal aspects of it comfortably yourself, you really need to hire someone to watch your back. It is a necessary investment that will pay for itself within the first year...or the first screwup or question the IRS may want to ask you about your filing. Much easier on the nerves to just say, "I'll have my accountant contact you."

starting a business - mtx

[ In Reply To ..]
A smart business person knows what she doesn't know and consults those who know it. If you can't afford an accountant, how can you afford a business?

Read up on the IRS pages. Look up your state's business requirements for filing online.

But seriously, trying to say I'm doing this and I have no clue is setting yourself up to fail before you even start if you're not willing to do it right.

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