Self Employed Health Insurance Deduction

by Mark
(Massachusetts)

I am a self employed contractor. I also have a second job with my local towm. For years my CPA has deducted the cost of my town provided health insurance. My CPA retired last year so I went to one of those national tax preparation firms for my 2010 taxes.

The new tax prep firm will not let me take the same self employed health insurance deduction. They said that since the town provided health insurance I was not eligible to take the self employed health insurance deduction.

Who is right? It made a rather large difference on the amount of tax due.

Thanks.

Self Employment Taxes

by Sherrie
(Alabama)

I see no credit on the 2009 tax return prepared by accountant for wife's FICA that she paid in.
See only the credit for Income Tax
Then I see amount owed for Self employment tax based on total income which includes her income almost $10,000
Please help.
Thanks

Self Employment Taxes

by kel
(MA)

I am getting organized with a growing independent odd job business. I have not filed taxes in a few years because I have not been making much. This year I will have a taxable amount. I have not filed quarterly thus far and don't forsee me figuring out how to do this all by June 15th.

Seeing as this is my first year can I accumulate all my info, file my annual taxes beginning of 2012 and then start paying quarterly taxes for the next year??

My business's income is very fluctuating with income between when work is available and when I decide to not work and travel. How do I estimate my income when it is hard to predict?? Having one year to get a good idea of over-all income would be ideal before I start filing quarterly. Is this OK to do???

Any help is appreciated. Thank you for your time.

Splitting SE Tax for Two Sources of SE Income

by Mark Kaplan
(New York City)

In 2009, my wife, a Russian national with Lawful Permanent Residency, did one contract job for a US-based company, earning $4500 gross, on a 1099. From September 1st until December 31st -- she worked for the United Nations . The UN paid her $17,274.00 in 2009 for her services, and gave her a statement with that figure. So that's her gross, total income for tax purposes for 2009.

My wife owes Self-Employment tax on the 1099 income of $4500 from her one contract job for the year, but is excluded from paying SE from her UN employment, by US tax code, as the IRS does not collect SE from a Lawful Permanent Resident working for an international organization, such as the UN.

Can SE be divided in this case? My wife has a number of deductions for various expenses, due to the fact that she is exclusively self-employed, as well as for our dependent daughter.

Please advise at your convenience.

Thank you.

Mark Kaplan

Superannuation For The Self Employed

by Manuel
(Sydney, Australia)

Hi

I am partly self employed and also working Part time. I earn about $80K in part time employment and get about $30K in self employment. I want to make contributions to my super from my self employment income. Is this a Tax effective strategy. I am assuming that my contributions to super are tax deductible.

Manuel

Tax Return for Self Employed

I am self employed but also have a casual job )15 hours a month) with the local authority to which I pay basic rate tax and ni contributions.

On the tax return it states to provide information from my p60 - the question is if I have paid tax and ni contributions on my casual job, do the inland revenue add all the money up and tax me again on it all?.