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Should I hire a tax pro or do most independent contractors - Up all night

Posted: Feb 18, 2013

This is my first year filing taxes as an IC. It seems over my head, but maybe just because this is my first time. I really would like to avoid the 250+ my local tax person wants to charge and apply that amount to the taxes I will be owing. So is it that difficult or should I just let the pros do it? Thanks ahead for any advice

I always do H & R Block online myself. - I ALWAYS get a refund also.

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nm

I don't file myself - anon

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If you're working at home, a portion of your house is deductable, some of the household expenses, and depreciation of equipment. Too complicated for me!

I'm actually doing both H&R and Turbotax online - Up all night

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- Just to see if the amounts are coming out the same lol! Well, I don't have to pay until I file, so why not. I figure if I just keep plugging along sooner or later it should make sense, but schedule C is confusing me, because I only worked from June to the end of the year, so not sure about some of the questions home office deductions.

on form 8829 - ICManiac

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on line 18, instead of multiplying the percentage of rent for 12 months, just multiply it for 7 months. Same for the line entry for other expenses (electricity, repairs, insurance, etc.) The total for home office expenses is totaled on form 8829 and brought over to Schedule C.

I was actually looking all over for that info! - Up all night

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I finally figured that out after hours of ripping my hair out and grinding my teeth! lol! thanks so much!

Try Free Tax USA - pollywog

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I've been IC for 8 years and have always filed my taxes online for free with Free Tax USA and then pay about $9.50 to file my state. They are one of the few free e-filing services that allow you to file for free even if you are self-employed. It does your schedule C, deductions (including home office), and everything. There are income guidelines but unless you make a ton, you should qualify. You can download a copy to your desk so you can print a hard copy, as well. It's freetaxusa.com. Hope this helps. :0)

I'll check that one out too - thanks! nm - Up all night

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nm

Go to you local library - sm

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I have AARP do my taxes every year for free and I am not even a senior. Maybe they offer this help where you live.

Oops should also check senior center in your area - sm

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AARP schedules there and then you have a live person explaining things

H&R Block charges half that amount - saves you big headaches

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I have found filing self-employment taxes to be hugely difficult. Plus, H&R Block will talk to the IRS for you if there is a problem with your taxes.

As IC, I have always used a good tax guy. He understands how I work, how I - am paid and what my living situation is. SM

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I have a financial relationship with him. He provides info I would never have found on my own, answers all questions I call him with throughout the year. At the beginning of a new tax year, we figure out my quarterlies based on last years earnings. If I find I am having a big decrease/increase in my income to do new job, losing a job, whatever, I call him, we figure out what my income will likely be from this point and he calculated what I should send in for my quarterlies. At the beginning of a new tax year, we figure out my quarterlies based on last years earnings.

And the best part??? All this is a tax write-off.

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