Welcome. Thank you for choosing us
to assist you. My name is ***** ***** my goal is to help make your life, a little... less taxing.
Receiving a 1099-Misc
is not unusual. However, you wife wants to make sure that she is really considered an independent contractor
, rather than an employee. Some companies try to get around paying payroll taxes
by mis-classifying employees as independent contractors. For more information regarding independent contractors vs. employees, you can refer to the following IRS
Following is how the payment of estimated
If you are expecting to owe $1,000 or more in taxes then a taxpayer should make estimated tax payments
. If the taxpayer does not expect to owe that amount, they are not required to make estimated tax payments, but they can. If the estimated tax payments made exceed any tax that is due, that will be refunded to you. Refer to the following IRS webpage for more detailed information relating to estimated taxes.
Who Must Pay Estimated Tax
If you are filing
as a sole proprietor
, partner, S corporation shareholder
, and/or a self-employed individual
, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return
If you are filing as a corporation you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return.
If you had a tax liability
for the prior year, you may have to pay estimated tax for the current year. See the worksheet in Form 1040-ES
(PDF) for more details on who must pay estimated tax.
Let me know if you require further assistance with this matter.