Just started as an independent contractor - and I just got married. Self-Employed Taxes are due in ten days! Please help me figure out what I need to know!
So I started work in August. I live in Michigan and the person I am subcontracting for is in California. I see on the IRS website that the quarterly payment of estimated taxes is due September 17.
I'm doing instructional design, working about 7 hours a week. So far I've earned about $1000 for my work in August. From January through June, I was a graduate assistant at a university. I earned about $1000/month while working there. My spouse of one month has a full time job and earns about $2000 a month.
1. Is there any sort of registration / start-up stuff I have to do - like, getting some sort of self-employed ID number or something?
2. Can I deduct my internet bill? Can I deduct my phone bill?
3. My spouse of one month has a full time job. Will it be better for us to file jointly or separately? If we file jointly, do I need to figure that stuff out now, or can it wait for next march?
4. Do I have to worry about my previous employment income when I do these taxes?
5. Do I have to pay self-employed taxes to the state of Michigan right now, or can that wait until when I file my federal and state taxes?
So my understanding of what I need to do right now is to fill out form 1040es
and mail a check to the IRS by September 17th. Is that all I have to do right now, or is there other stuff to?
Also, any book recommendations about what you can and cannot deduct when you're an independent contractor would be appreciated! Thanks everyone!