How to file taxes while working on 1099???

U

uday21

Registered Users (C)
Hi All,
I recently started working on 1099 and was wondering if anybody has experience with filing taxes while working on 1099.
Any help would be appreciated.

Thanks:)
 
I put my 1099 income on the "business income" line
and everything else would be the same as W2 income
(except you would perhaps have to pay self-employment
taxes depending upon what kind of 1099).
 
You mentioned 1099, then you should know the
employer send you a 1099 form, which is equivalent
of W-2. You have to pay quarterly estimated taxes
because the employer will not withhold taxes for you.
If it is earned income, you may also have to pay
15 % self-employment taxes (counterparts of social
security taxes). I believe half of self-employment
taxes are income-tax deductible
 
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