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  • If I receive income from a self-employment position 7 years after I have retired and plan to include it on my gross income for this year do I have to pay self-employment taxes on it? If so what IRS Code can that information be found under?
  • I'm carrying forward nol and it seems like i will still owe money for self employment tax. I'm assuming the nol doesn't decrease it. Hence, is nol only good when i have income solely from a company?
  • Me and my wife have a self employment business doing car repair. we hired her brother to work with us for a year now. i didnt take our any NY or anything from his check. i only documented his pay each week on my excell spredsheet. so at the end of the year i will pay him. (well now he got into a fight with my wife and quit. he worked for us a total of 12 months. after the fight with my wife he went to unemployment trying to get unemployement. In this case they denied him due to there was no taxes or whatever taken from his check). I was under the understanding that i could pay him and file at the end of year. i havent done taxes yet. Now that him and my wife is going to court soon because of the fight he is threating to try to end our company because we didnt take out taxes and stuff. how do i fix this big mess and save my company. i do have a EIC number and also i am using an tax accontant this year. what can i expect if her brother go to irs.
  • I am a self employed finance consultant living in UK working for a company in New Jersey. I need to know how much to set aside out of each payment (what percent) I get for my services to be able to pay FICA, Federal & State Income Tax, etc. so that I don't have to pay when I file my yearly return. I know I have to submit payments quarterly. I am not asking this company for consultant's fees; the company is non-profit and is in financial difficulties. The first bill I submitted for 56 hours work was $812.00. I recently resigned but want to help them out in this way.
  • I get royalties from oil rights that I own. Do I pay just regular taxes on this or do I also have to pay Self Employment tax? There appears to be a conflict between the IRS and Social Security on this matter. I was told by my tax accountant and someone I talked with at local IRS that I was supposed to pay the Self Employment/SS taxes because of IRS publication 525, page 16 ""Royalties"". It says: ""You generally report royalties in part 1 of Schedule E . . . However, if you hold an operating oil, gas or mineral interest or are in business as a self employed writer . . . report your income and expenses as Schedule C . . ."" Social Security administration tells me that I should have used Schedule E and have deleted all benefits that I paid for through Self Employment tax for the last 7 years. However, they tell me they don't have to give me any refunds. That its my problem to get a refund from the IRS. It appears that the IRS may not pay me any refunds on these social security taxes that I have already paid, totalling around $5,500. At best it might only be $2,000. So it appears that if the IRS and SS disagree about this, I get cheated out of anywhere between $3,500 to $4,500. Do you know if I have any legal rights on this? Also, this same tax accountant gave me no depletion allowance on these oil. Am I entitled to those?
  • if i have $54000 self employed business income but $76000 losses from an LLC K-I, do i have to pay any tax

 

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