Tax Advice for Independant Contractor

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Feb 1, 2006, 07:51 PM

alex_martine2001

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Join Date: Feb 2006

Posts: 1

Tax Advice for Independant Contractor

I have a full time job and pay Uncle Sam on a reg basis.
However, this year...I had the opportunity to earn a nice ammount of $$ on the side, offering my Music Production Services in my spare time. This was done from my own home and it generated me approx $25,000. Would someone give me advice on the best suited approach for me to take. My other job doesn't generate an incredible ammount so, I'd like to make this $$ work for me. TY in advance.
Al

Answers

Feb 1, 2006, 08:26 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,323	Al: You need to file Form 1040 with Schedules C (to document the income from the music business) and SE (to calculate the self-employment tax of 15.3% of net shown on Schedule C). *Expect* to pay some money unless you have been making estimated tax payments. You do have some deductions: mileage associated with the music business, equipment costs and possible Business Use of the Home.

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