A few questions for you...sm - Anon Posted: Mar 7th, 2017 - 8:07 am In Reply to: Imedx- independent contracter - WC
If you've been an IC for 3 months, does that mean you were an employee for 11 months of 2016 and an IC for 1 month? If so, Imedx should have sent you a W2 for those 11 months and a 1099 for the 1 month of 2016. Do you have those documents? If so, proceed to your accountant or tax preparer with those documents in hand and have your 2016 taxes done. As far as going forward, you'll need to send in estimated taxes quarterly to the IRS. When I was exclusively an IC, my accountant furnished me with forms to send in money to the IRS quarterly, and he estimated that amount based on what I thought I was going to make in the coming year. Don't forget that you can deduct expenses of being an IC. An accountant can tell you about those or the IRS website would have that information. My best advice to you is to get an accountant who specializes in small business clients (at least for an initial consult) and/or to prepare your 2016 taxes. I would avoid simple tax preparers like Block. My accountant (CPA small business specialist) tells me he has seen lots of errors in people's returns from them. It may cost a little more to have a real accountant do your taxes, but chances are good you'll get a bigger refund because they know what they are doing.
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