I've made quarterly payments the past two years. Everyone's tax situation is different but I calculated that at about $10,000/per year of mturk income is when you really need to worry about paying estimated taxes ahead of time. As always, consult a tax professional to obtain a better answer for your specific situation.
hi i am an indian here .i am using mturk since last three yeards today when i logged in i saw this message Tax Information Required We need to collect some tax information from you in order to comply with United States tax reporting regulations. Please complete your tax information by May 28, 2016. After this date you will not be able to work on HITs until you complete this step. The Tax Information Interview is a brief questionnaire to collect the required information. For additional information, visit our Tax FAQ. Start Tax Information Interview may i know what i have to do in this?? please help.
Tax time is coming up again! Just found this site where you can quickly see what the estimates of what you owe or how much your refund may be. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
Have any of you successfully used the home office deduction and do you have any tips? On Freetaxusa there are 2 similar sections. At the beginning it asks if you want the simplified version where you want the deduction based on square footage or where you add the direct and indirect expenses. If I did choose not to use the simplified version, indirect expenses for the home would be stuff like the electricity bill and water bill? Then, even if I chose the simplified version and adding some items like my computer equipment to get depreciation, there is another section asking about business expenses and another area for utilities, among others. Would I be able to put my internet service yearly total there? I'm guessing I made similar to previous years...around 2k, maybe less this year. If I claim the square footage, utilities, and depreciation for office equipment, do I have to provide proof? Like receipts? Or is that only if you get audited?
If I did choose not to use the simplified version, indirect expenses for the home would be stuff like the electricity bill and water bill?
Flora, I just got this email: Generic message but its the first time they have acknowledged that I have contacted them, so that should be a good sign?
