Worst guidelines EVER...
Warning: For Full Access Please Log In or Create an Account (Free)
I am really curious how ICs can get tax refunds? I don't do these because even though I do some work as an employee for a few merchandising companies, I usually end up paying money and not getting a refund because of my IC work.
You don't apply for the advance. You stare them in the eye and make grunt sounds until they just give it to you out of fear.
@JASFLALMT wrote:
I am really curious how ICs can get tax refunds? I don't do these because even though I do some work as an employee for a few merchandising companies, I usually end up paying money and not getting a refund because of my IC work.
Personally I do these shops as my husband is the primary earner in our house, and his wages are all on a W2. Other IC's may have similar situations.
Okay, that makes sense. My husband and I file our taxes separately. Ceasesmith files single I believe, and I didn't realize she had any other employment than IC work, so my query was primarily directed to her.
I pay estimated taxes; I calculate it based on my gross MSing income, before expenses.
My reasoning is that I prevent having to (possibly) come up with a lump sum 4/15 -- when I might not have any money at all.
And before anyone jumps on me for giving the government an interest-free loan, I'm aware.
My reasoning is that I prevent having to (possibly) come up with a lump sum 4/15 -- when I might not have any money at all.
And before anyone jumps on me for giving the government an interest-free loan, I'm aware.
I wasn't going to jump on you, I just really had no understanding of how these shops work, apparently. I always thought it was mandatory that you would be expecting a refund.
Yes. And they vary; a couple years ago, I did one that required a minimum 2700 refund.
And overpaying estimated taxes results in a refund.
And these shops often pay extraordinarily well. PLUS tax prep fees, all the advance fees, and so on.
I've even done the ones where the MSC sends you a fake W-2, SS#, etc.
Once, the W-2 was for the business next door; the tax preparer said, hm, I've never seen you in there. I told him I worked in the "back room", in accounting, LOL. Then he asked why my employer's ID # on the W-2 was different from the other employees. I told him "Hmpf. I don't even know what that is. Maybe because I work for the home office? You want me to call 'em and ask?"
For me, sometimes, playing dumb is the most difficult part of the job.
And overpaying estimated taxes results in a refund.
And these shops often pay extraordinarily well. PLUS tax prep fees, all the advance fees, and so on.
I've even done the ones where the MSC sends you a fake W-2, SS#, etc.
Once, the W-2 was for the business next door; the tax preparer said, hm, I've never seen you in there. I told him I worked in the "back room", in accounting, LOL. Then he asked why my employer's ID # on the W-2 was different from the other employees. I told him "Hmpf. I don't even know what that is. Maybe because I work for the home office? You want me to call 'em and ask?"
For me, sometimes, playing dumb is the most difficult part of the job.
But if you have money to overpay on taxes, why not get your car fixed?
Many ICs have other sources of income from which taxes are withheld (e.g. temp work, a pension, etc.) and may get a refund.
I do, I am a merchandiser and am an employee with a few different companies. But I still pay taxes because I make to much with my IC work.
I thought I answered already, but it didn't post.
My car has been junked. Irreparable.
$1,000 tax refund won't buy a reliable vehicle where I live.
My car has been junked. Irreparable.
$1,000 tax refund won't buy a reliable vehicle where I live.
Sorry, only registered users may post in this forum.