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Temporary job - do I need to file estimated taxes?
Okay, I've tried to decipher the IRS "rules" and read answers here and other places... and I still don't know if I need to file estimated taxes and how! Why can't it be as simple as pay taxes on what you make each quarter - I'd be okay with that!
Situation... My job was terminated in March. After 2 weeks of unemployment, I was offered - and took - a temporary job (1099) that is suppose to last through July - but can go longer or end at any time. Contract simply states weeks notice by either party. I am looking for other employment and do not intend to be permanently employed by the company. 1) Do I need to file estimated taxes for 2009 or do I just pay with my 2009 tax return? 2) If I do need to go the "estimated" route, how do I know what my estimated income will be? I don't know how long I am working and what "income" I'll have one this temporary job ends. 3) It's a longer commute than before. Can I deduct my mileage... all, some... none - when filing any tax form? Thanks for any advice, info, etc. If it weren't for the significant difference between this pay and unemployment, working this temp job wouldn't be worth the drive and tax frustration! |
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You need to pay in 90% of the taxes you owe for the year or be penalized 10%. If this job is temporary and you want to file quartly estimated taxes. You can get forms online IRS and either use use amount you are making in a 3 month period as of now or if you are making about what your last job was divide what you paid last year into 4. Your taxes for 1st qtr have been pd 2nd qtr April,May,June could be filed as estimated taxes now.
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If your spouse is working and she is claiming herself she can drop it to 0 or 00 but that will help only if your income is going to be approximately the same. You don't say if your pay has been significantly cut. If I was you being your job is temporary and you really don't have a clue what you might make this year. I would not worry about it until end of November and look at what your income is. As long as you have 90% paid by Dec 31
Your OK. |
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