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post #1 of 3 Old 06-10-2006, 5:38 PM Thread Starter
 
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1099-MISC

Ok, if I'm doing side work and will get a 1099-MISC at the end of the year, how do I figure out an approximate amount to set aside to cover the taxes?

I was guessing 30%.
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post #2 of 3 Old 06-10-2006, 5:55 PM
 
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Re: 1099-MISC

My accountant would tell you 33% to be uber safe. (I worked contract for the past 1.5 years).

I saved 30% all of last year and got a healthy tax return back, very healthy so you should be fine at 30%. You'll probably be around 25-27% at the end of it so 30% provides a buffer.

Remember to save all your utility bills, internet, cell phone, etc. You can write off part of the mortgage for your home office as well as mileage.

22 days until it begins...
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post #3 of 3 Old 06-10-2006, 6:33 PM
 
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Re: 1099-MISC

The 1099 has become one of the banes of my existence of late.

The 'official' IRS way of figuring it is in Pub 919. Take a look at Worksheet 6, on page 15. That should give you a real accurate picture.

Link to pub: http://www.irs.gov/pub/irs-pdf/p919.pdf
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