1099-MISC - Honda Motorcycles - FireBlades.org
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post #1 of 3 Old 06-10-2006, 6:38 PM Thread Starter
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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, 6:55 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.
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post #3 of 3 Old 06-10-2006, 7:33 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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