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Voting Question: independent contractor filing taxes?

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  • Voting Question: independent contractor filing taxes?


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Answer #1 | 23/12 2013 20:10
Your income is yours. Your tax bill is yours. If you are under 19 and did NOT support yourself, then you may be claimed (ditto if under 24 and a full time student).
Answer #2 | 24/12 2013 05:30
If you qualify as a dependent then yes they can claim you. You still do your own return.
Answer #3 | 23/12 2013 20:39
OK, I can clarify this even more for you. The phrase "claim myself as a dependent" doesn't really make sense. Someone else can claim you as a dependent. This affects the way your taxes are figured on your tax return. There is a notion of "no one else can claim me as a dependent" -- but never a notion that I am claiming myself as a dependent. Your income is your income. Your tax liability is your tax liability. Someone else claiming you as a dependent may INCREASE your tax liability on YOUR tax return. I inherited mineral royalties at age three that triggered me having to file a tax return (when I was three years old). Obviously, I did not sign this return. My mother claimed me as a dependent. She had a tax return, with me listed as a dependent, and I had a tax return. I (at age three) was responsible for paying the taxes. Obviously, my guardian was entrusted to file that tax return and pay any taxes due from my income. This did not preclude that guardian from claiming me as a dependent on her tax return.
Answer #4 | 24/12 2013 07:43
Your work as an independent contractor doesn't determine whether or not someone can claim you. That depends on a whole lot of other things including your age, student status, who you live with, how much of your own support you provide, and several other things. If you made over $400 as an independent contractor, you are required to file. If someone else can claim you, they won't owe the tax on what you made. YOU owe that, whether you're a dependent or not.
Answer #5 | 24/12 2013 14:40
the independent contractor money will be reported by you on Sch C and very likely SE as well with your 1040 and as far as your status is concerned you need to determine if you are in fact a dependent or not you don't mention anything about yourself so that determination can't be made now here
Answer #6 | 24/12 2013 07:39
Your EARNED income that you did work for to earn and has to be correctly reported on your own 1040 FIT return during the 2014 tax filing season for the 2013 tax year and if you do happen to be qualifying child dependent of your parent for that tax year you will have a box on the page 1 of your 1040 FIT return to indicate that you are a dependent of another taxpayer for that tax year and you will NOT be allowed to claim your own exemption and your exemption amount will have to be a -0- ZERO on that line of your own 1040 FIT return. And NO they would NOT be liable for any of your tax amounts that you might owe for the 2013 tax year at all because it is your own debt that you will owe at that time in your life. Self employed independent contractor using your daily written receipt book records to report your gross income on the schedule C or CEZ along with the SE to determine your NET PROFIT or LOSS from your business income during the tax year for this purpose. SE your social security medicare tax amounts that you would OWE on your NET profit amount that would end up the page 1 line 12 from the schedule C and any SE tax owed page 2 line 56 and page 1 line 27 Deductible part of self employment tax attach schedule SE line 27 $$$ amount. Starting, Operating, or Closing a Business Starting a Business Starting a business could be exciting. If you're considering starting a business, start here. This section provides information on everything from a checklist for a new business, to selecting a business structure, and more. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting,-Operating,-or-Closing-a-Business Online Learning Tools The Small Business Taxes: The Virtual Workshop is composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities. The IRS Video Portal contains video and audio presentations on topics of interest to small businesses, individuals and tax professionals. Page Last Reviewed or Updated: 31-Oct-2013 Hope that you find the above enclosed information useful. 12/23/2013
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Answer #7 | 25/12 2013 07:44
Being an independent contractor does not mean that they cannot claim you. However, the amount of money that you made (not the fact that you were an independent contractor) might mean that they cannot claim you. It depends on (1) whether you are a "qualifying child" or a "qualifying relative", and (2) how much money you made.

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