How to File Taxes as a 1099 Contractor
As a 1099 contractor, you are responsible for filing and paying your federal taxes as a self-employed individual. Anyone who contracts with you for work paying in excess of $600 during a single calendar year must send you a copy of the Internal Revenue Service's Form 1099-MISC, which documents the amount the employer paid you during the year. The employer must also send a copy to the IRS, so the income you report on your tax return has to agree with the information on the forms you received.
Free Tax Filing Services
Instructions
Save your receipts for any expenses you incur throughout the year as a result of your activities as an independent contractor, including the cost of supplies and equipment, payments that you make to subcontractors, rent payments for equipment or space that you use as a base for business activities, and advertising and marketing costs. Also keep a mileage log recording miles that you drive for your independent-contractor activities (excluding commuting miles), and a record of your auto expenses.
Colorado State Tax Preparation
Make estimated tax payments quarterly throughout the year by estimating your net income as an independent contractor. Estimate your net income by calculating your gross income during the quarter and subtracting your business expenses. Calculate the 15.3 percent Social Security and Medicare taxes for self-employment, as well as your quarterly share of your annual income taxes, based on IRS tax tables. If you have filed taxes on 1099 income during previous years, you can base your estimated tax payments on the previous years' net income.
Calculate your total independent-contractor income for the year by adding the income amounts on all the 1099 forms you have received for that year. Also include income you received for work that doesn't total $600 annually for any given employer, even though you didn't get 1099 forms for this work.
Online California State Taxes
Fill out IRS Form 1040 Schedule C, detailing your independent-contractor income and expenses. Include Form 4562 to report your vehicle expenses and Schedule SE to report your Social Security and Medicare tax obligations. Mail or e-file your tax return, along with payment if you owe more than you has paid in estimated taxes.
Nebraska State Tax Extension
As a 1099 contractor, you are responsible for filing and paying your federal taxes as a self-employed individual. Anyone who contracts with you for work paying in excess of $600 during a single calendar year must send you a copy of the Internal Revenue Service's Form 1099-MISC, which documents the amount the employer paid you during the year. The employer must also send a copy to the IRS, so the income you report on your tax return has to agree with the information on the forms you received.
Free Tax Filing Services
Instructions
Save your receipts for any expenses you incur throughout the year as a result of your activities as an independent contractor, including the cost of supplies and equipment, payments that you make to subcontractors, rent payments for equipment or space that you use as a base for business activities, and advertising and marketing costs. Also keep a mileage log recording miles that you drive for your independent-contractor activities (excluding commuting miles), and a record of your auto expenses.
Colorado State Tax Preparation
Make estimated tax payments quarterly throughout the year by estimating your net income as an independent contractor. Estimate your net income by calculating your gross income during the quarter and subtracting your business expenses. Calculate the 15.3 percent Social Security and Medicare taxes for self-employment, as well as your quarterly share of your annual income taxes, based on IRS tax tables. If you have filed taxes on 1099 income during previous years, you can base your estimated tax payments on the previous years' net income.
Calculate your total independent-contractor income for the year by adding the income amounts on all the 1099 forms you have received for that year. Also include income you received for work that doesn't total $600 annually for any given employer, even though you didn't get 1099 forms for this work.
Online California State Taxes
Fill out IRS Form 1040 Schedule C, detailing your independent-contractor income and expenses. Include Form 4562 to report your vehicle expenses and Schedule SE to report your Social Security and Medicare tax obligations. Mail or e-file your tax return, along with payment if you owe more than you has paid in estimated taxes.
Nebraska State Tax Extension