Posted by admin | Posted in Parts And Stuff | Posted on 12-10-2010
Tags: chains binders, marineanchor, recovery, sailing, suppliesandgear, tlc
Chains Binder
I have to do my own taxes 1099 w/ itemized taxes PLEASE HELP!!!!?
Ok here we go, I'm preparing my own taxes for the first time and its killing me. I made a ton of money as a Owner Operator (my own semi) like 95,000. I sold it and am starting school (I'm 27) Anyway I'm broke now so I can't afford someone to do my taxes and since I got a 1099 I'm going to owe massively. The 1040A form I can figure out but how do I do my itemized deductions because I need to knock the amount I owe down... I know like 40 dollars a day in food, and I can claim other stuff like chains/binders/straps. (I ran flatbed trailer so there are more tools than normal). Anyway short story is how do I even start the itemized deductions I'm clueless I feel dumb because I normally figure stuff out when I have to....Help please I can't do my FASFA form till I get this ball rolling on these taxes HELP HELP HELP...
It's pretty obvious that you are in over your head. In this situation, professional assistance will be far less expensive than getting it wrong on your own.
First off, business expenses are not itemized deductions. Two totally different things there. You file Form 1040 and attach Schedule C to report business income. On Schedule C you show your gross earnings and your business expenses. Legitimate expenses will include depreciation on your truck, trailer, chains, tools & equipment, etc, fuel, tools, hotels, meals (at 50% of the amount actually spent or 75% of the Federal M&IE rate since you are a transportation worker) lumpers, repairs, maintenance, etc. If the net profit is more than $400 then you attach Schedule SE to calculate the self-employment tax. You get an above-the-line adjustment for half of the SE tax on the front of Form 1040 and then complete the 1040 to figure your income tax liability as well.
As far as your FAFSA is concerned, use your 2008 return since you have not filed your 2009 return yet. This is all explained in the FAFSA instructions so completing your 2009 return is NOT a prerequisite to getting your FAFSA in on time.
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