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Topic: First Freelance Job
| Author | Message |
| FreelanceNYC | Posted – 4/18/2007 2:43:27 PM | show profile I have always worked in the corporate world but just accepted my first freelance position working 40+ hours a week. I was asked to complete a W-9 which varies a lot from the usual W-2 that I am used to filling out. Will I have taxes removed from my paycheck with this form? In addition, I will be working out of their offices mostly but am not considered an actual employee so will I still qualify for the OIH (office in home) deduction at tax time? |
| catlondon | Posted – 4/18/2007 4:00:25 PM | show profile Taxes will not be removed from your check if you only filled out a W9. That means you'll be responsible for all your taxes (including the self-employment tax) and should probably file estimated quarterlies to avoid penalties. I would also say no to the home office deduction, but on that, you really should check with an accountant. I can't remember if the IRS is becoming stricter or more lax about that, but I remember it was one of the two. But the basic requirement is that you have an office in your home that is for work only--basically you can't work out your kitchen on a laptop and claim a home office, but I don't how much they enforce this. |
