U.S Tax Questions
Thread poster: aiaiushi
aiaiushi
United States
Local time: 13:43
Japanese
Jan 4, 2010

It's the first year for me to claim translation income in United States (permanent resident). I've always just handed my W-2 from non-translation job to my accountant and got tax return done, easy and simple. But this year, I really don't know what to bring to my accountant except my total income and estimated deductions from translating. Or what should I bring if I decided to go to H&R?

I didn't do many translating jobs, only 1-2 months from one company. Is it worth it to go to the professional places like H&R and pay a lot?

Thank you, sorry I am too new to this world...


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Yolanda Broad  Identity Verified
United States
Local time: 13:43
Member (2000)
French to English
+ ...

MODERATOR
Best to ask the accountant Jan 4, 2010

When you call to make an appointment, ask what to bring. (But I'd think that H&R would cost less than a independent accountant).

OTOH, my own approach is to acquire a software program and do my taxes myself: I know a lot more about my finances than any accountant would, and those programs are very good at walking me through every single step and asking all the right questions to make sure I haven't missed anything.


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Luisa Ramos, CT  Identity Verified
United States
Local time: 13:43
Member (2004)
English to Spanish
Independent contractor Jan 4, 2010

Consult your tax consultant or accountant about this. You are an "independent contractor", a self employed individual responsible for paying your own taxes throughout the year (quarterly) based on an estimation of what your total annual income will be. I figure you did not do it this year so when yo do your taxes this year you will have to pay (or not, depending on how much you earned as a self employed individual) and risk being penalized for not filing your quarterly payments. You must pay income tax and self employed tax.

At the beginning of each year, your clients and/or the agencies you work for will send you a document indicating how much they have paid you in the previous year; however, they have until January 31 to send them so do not rush out to do your taxes because you do not have all the documents to prove your income. Take those documents with you when doing your taxes.

Consult the IRS site for rules about independent contractors but, beware, it is very confusing so talk to your tax advisor.


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xxxLatin_Hellas
United States
Local time: 19:43
Italian to English
+ ...
Are you sure you mean "estimated"? Jan 4, 2010

megumi203 wrote:

But this year, I really don't know what to bring to my accountant except my total income and estimated deductions from translating.

Thank you, sorry I am too new to this world...


Estimated deductions? You must keep accounting records, all receipts and proof of payment for at least three years after filing.

As some one mentioned, go to the IRS website, read and take notes on at least the following publications:

- 334 Tax Guide for Small Business
- 552 Record Keeping for Individuals
- 583 Start-Up and Keep Records
- 535 Business Expenses
- 533 Self-Employment Tax
- 538 Accounting Periods and Methods
- 590 Individual Retirement Arrangements
- 969 Health Savings Accounts

Also a bottle of extra strength aspirin for headache, and possible something to relieve the stomach.

In any case, you will file a Schedule C, so also download forms and instructions for that. The good news is that, for 2009, it seems that you will have less than $5,000 in expenses, so you can fill out the "fast and easy" Schedule C.

Looking ahead, if you think that you will continue as a freelancer and generate more than $5,000 in expenses per year, you will do well to study at least the above publications, then start a relationship with a tax professional.

All the best!


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LegalTransform  Identity Verified
United States
Local time: 13:43
Member (2002)
Spanish to English
+ ...
Sample Tax Returns for Translators Jan 4, 2010

Try reading this site:

http://www.johnmatthews.us/Tax%20Tips%20for%20Translators.htm




megumi203 wrote:

It's the first year for me to claim translation income in United States (permanent resident). I've always just handed my W-2 from non-translation job to my accountant and got tax return done, easy and simple. But this year, I really don't know what to bring to my accountant except my total income and estimated deductions from translating. Or what should I bring if I decided to go to H&R?

I didn't do many translating jobs, only 1-2 months from one company. Is it worth it to go to the professional places like H&R and pay a lot?

Thank you, sorry I am too new to this world...


Direct link Reply with quote
 


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