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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">All the below is true but only if we’re talking significant amounts of money.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">If it is something you do infrequently you may not have reached levels where penalties apply especially if your main W2 job pays you well.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">The main thing will be getting the forms you need – since the Sched C and the Self Employment tax forms aren’t used by everyone, libraries often run out.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">I used to do all those forms by hand but usually only had a couple of grand max per year. These days I don’t have side gigs so haven’t had to do them in a
while and began using TurboTax (online Deluxe). I’m not sure if it includes the self employment stuff or not but it will calculate any penalties.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">I doubt you need to file an extension unless you’ve got something really complicated (e.g. a lot of expenses you’re deducting for this side gig).<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> ale-bounces@ale.org [mailto:ale-bounces@ale.org]
<b>On Behalf Of </b>Boris Borisov<br>
<b>Sent:</b> Tuesday, March 31, 2015 7:24 PM<br>
<b>To:</b> Atlanta Linux Enthusiasts<br>
<b>Subject:</b> Re: [ale] ot: back to taxes<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">All good news :) <br>
<br>
On Tuesday, March 31, 2015, DJ-Pfulio <<a href="mailto:DJPfulio@jdpfu.com">DJPfulio@jdpfu.com</a>> wrote:<o:p></o:p></p>
<p class="MsoNormal">On 03/31/2015 04:40 PM, Boris Borisov wrote:<br>
> I know I can ask professional but why not get a hint from fellows.<br>
><br>
> Last year I work for a company as employee and had second job which considers<br>
> selfemployed. How do you need to fill taxes in that situation?<br>
><br>
<br>
You should have already gotten a 1099 from the other company - assuming you<br>
provided them with your taxID or SSN. If not, you need to still declare the<br>
income - sched-C.<br>
<br>
The quarter when you received the income, you were responsible for<br>
self-employment taxes, state taxes and federal taxes. There is a penalty for not<br>
paying these in the correct quarter. Those penalties can be painful or trivial<br>
depending on the amounts involved.<br>
<br>
If this is your first year doing this - Go get an accountant - it will be hard<br>
now. Expect them to file an extension ASAP. We aren't talking H&R block or any<br>
of the side-of-the-road guys.<br>
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<p class="MsoNormal"><br>
<br>
-- <br>
Sent from Gmail Mobile<o:p></o:p></p>
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