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1099 consultant okay to do own taxes?
I am an independent sales rep receiving a 1099. In the past I have used a common software program to do my own taxes. I have been told by several other reps that these programs don't allow you to take advantage of the many deductions available to me. I have looked at the small business versions of these products which is one possibility the other is to pay the money for a professional. Any experiences from other 1099 contact employees would be appreciated.
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The reputed tax software should serve your purpose. 1099-misc income: You are self employed or independent contractor. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor |
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