1099 nurse Houston Texas

Forum|Forum|1 year ago
August 28, 2024
1 reply
0 views

I have a W2 job and recently started 1099 work as an independent contractor August 2024. Is it required that I setup a business and file business taxes, or can I claim my 1099 income on my personal taxes and still be able to have tax write offs?

FranklinF

You are NOT required to set up a business right now if you do not want to deal with any paperwork, however you should set up your Estimated Tax Payments (about 15.3 % of your self employment earnings. Your 1099 Income will go on your personal tax return as self-employment income, Schedule C.

But there is more ...

You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023

Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"