Quick Tax Help - please?

[SmoochyTX]

In advance, I'd like to thank anybody that helps me out on this and passes everyone a

I'm going to be doing some freelance writing for a company and they provided me a contract to fill out requesting my tax identification number as well as a "substitute form W-9".

That W-9 says it's a request for taxpayer identification number and it requests my business type etc. It's just me doing some freelance writing - not starting some big company.

I'm not good with all this tax stuff. Is my tax id # my SSN? Is it something different? Could somebody help me?

Thanks again!

 

[CPA]

Tax ID = SSN in your case
Business Type - Sole Proprietorship

 

[SmoochyTX]

Thank you!

 

[EagleKeeper]

Keep close track on anything that you use/spend that is anyway related to that income.

Even posting the tax question here can support some deduction/expense for computer and internet useage.

 

[FoBoT]

if we charge her for the advice, can she deduct it? just paypal everyone that responds $4

 

[SmoochyTX]

Originally posted by: FoBoT
if we charge her for the advice, can she deduct it? just paypal everyone that responds $4

Ha!

Originally posted by: EagleKeeper
Keep close track on anything that you use/spend that is anyway related to that income.

About how much should I put aside for federal income taxes? 30% sound right?

Edited post to say federal taxes. Texas has no state income tax.

 

[EagleKeeper]

Look at what your percentage was this past year.

Use that.

Your expenses relating to that income will help drive down the impact.
You can actually end up with more expenses written off than income - that benefits your regular income.

You will need to use the Schedule C for the income and expenses.

 

[axelfox]

get TID if you don't want to float your SSN around on the forms.

 

[RossMAN]

Originally posted by: SmoochyTX
In advance, I'd like to thank anybody that helps me out on this and passes everyone a

I'm going to be doing some freelance writing for a company and they provided me a contract to fill out requesting my tax identification number as well as a "substitute form W-9".

Don't forget about us when you make it big time, k? :thumbsup:

Where is my damn macadamian nut ???

 

[SmoochyTX]

Originally posted by: RossMAN

Originally posted by: SmoochyTX
In advance, I'd like to thank anybody that helps me out on this and passes everyone a

I'm going to be doing some freelance writing for a company and they provided me a contract to fill out requesting my tax identification number as well as a "substitute form W-9".

Don't forget about us when you make it big time, k? :thumbsup:

Where is my damn macadamian nut ???

Grab it while it's hot Ross!

 

[RossMAN]

Originally posted by: SmoochyTX

Originally posted by: RossMAN

Originally posted by: SmoochyTX
In advance, I'd like to thank anybody that helps me out on this and passes everyone a

I'm going to be doing some freelance writing for a company and they provided me a contract to fill out requesting my tax identification number as well as a "substitute form W-9".

Don't forget about us when you make it big time, k? :thumbsup:

Where is my damn macadamian nut ???

Grab it while it's hot Ross!

/me grabs it.

Eww it's all warm gooey and sticky. Oh wait that's another kind of cookie.

I actually prefer them a little warm. They're 10x better than chocolate chip cookies!