FTE and self-employed- need help in tax prep

I just started working as an independent contractor though I still have a full-time job. I don't know what I need to do in terms of filing taxes for next year - should I file two separate tax forms and will I need to file multiple times? Please advise.

Thanks

work, we on this forum have no idea how to answer this question. are you DBA as a sole proprietor, are you a C, S, or some other or even a hybrid company? what is your annual revenue as an independent contractor? do you have employees (or sub contractors)? etc etc etc etc

if you are presently working with a reputable and experienced financial advisor, you should sit with him or her... they can provide some valuable assistance on this issue for you. if you are not, then i would go straight to a reputable CPA. find the CPA by asking your friends or relatives who are in the same general situation as you (ie self employed to some extent) who they are using and then, if they are satisfied with him or her, call them.

this is unlikely to be the kind of answer for which you were searching (and by the way - you arent even asking in the right area of this forum). however, congratulations!!!! at least you are trying!!! and, you are also trying to run on your own a little and slough off the collars of slavery that is common to the "working man".

however, one of the common pitfalls for those like you is that they bumble around on doing the things necessary for a business to succeed without ever really accomplishing much. like doing a business plan, having professional advisors assist them (cpa, financial advisor, attorney, etc), and spending enough on their business to grow it. i wish you the best of luck man! a very exciting time for you and if it works, it could be the most wonderful endeavor of your life.

remember, you should run your business like a vampire! if a vampire sucks too much blood from the young beauty, she dies! if he sucks just enough and then quits, she will turn into a vampire as well and they can live eternity forever together. unfortunately, the businessman (er, vampire) gets so caught up in feeding he doesnt realize he has sucked her dry until it is too late!

1MO

Thanks for your response. Let me tell you a little more about my situation. I have a salaried job with paid benefits, and recently I took on a side job at a biotech company in which I am considered my own employer. I don't have other employees working for me. My concern is that since it's close to the end of the year, which taxes will I have to file since I maxed out on my social security contributions at my salaried job and I don't have any withholdings as an independent contractor? Do I still need to file quarterly and in April?

Your answers should be available on http://www.irs.gov/

you have the same witholdings - being self employed (even a little bit) makes no difference. i would still recommend that you engage a professional tax advisor this year ESPECIALLY if you think this contractor thing will really earn you any income. the tax guy will tell you if you need to file quarterly estimates and will also tell you about how much to send in. since it sounds as if you started this side job recently, it is unlikely to affect your total taxable income significantly.

1MO

dingo - shame on you for the www.irs.gov link - that is mean!

1MO,

I really wasn't trying to be mean. The IRS website is pretty user-friendly nowadays.

Giving the TurboTax website link would have been mean!

point taken.

Both were better than what I thought - I was going to link him to the yellow pages...

the truth is that you get what you pay for.

well, the literate truth is that you get that for which you pay.

for all the posters who say "hey, how does my portfolio look to you?" or "if i add a little micro medium cap vaguard ETF to my porfolio, what percentage is just the right amount so it doesnt conflict with my zero coupon bonds?" and all of the other crazy questions ...

the advice i give now is pretty lame, but for a check sent to my business account, i would be happy to actually put a little thought into my posts.

if you are looking for an advisor in texas, look me up in the Yellow Pages. My firm is 1MO Wealth Guarantees - We Sell Gold in the form of Zero Coupon Bonds!(tm) we only accept wealthy clients with net worth above $1,000!!!

1MO

CEO, President, and Jefe Bottle Washer
1MO Wealth Guarantees

1MO,
I'm a little slow, but I got it, It's a joke. I didn't get it until I read the CEO line, Like I said I'm a little slow.

It's funny how much "You get what you pay for" talk there is on this site. If you take into account time = money, there is a lot of expensive "free" info here. You just have to pan for the good stuff.