I file quarterly for the independent contractor work, and annually for my W-2 positions? Does TurboTax handle complicated taxes like this? I'm thinking of using Quickbooks for invoices and expenses. Thank you for your help!
I file quarterly for the independent contractor work, and annually for my W-2 positions? You pay your taxes quarterly based on estimates. You will enter your independent contractor work and your W2 on the same 1040 at the end of the year. The company you are acting as an independent contractor for will issue you a 1099-NEC that you will report on your return which will generate a Schedule C for you. This will then flow to your 1040.
Does TurboTax handle complicated taxes like this? Yes
I'm thinking of using Quickbooks for invoices and expenses Good Idea
Thank you for your help!
Do you have any tips for me or anything else that you think I should know? I appreciate any advice you can give. I will purchase Quickbooks Self-Employed, as I believe this will greatly help keep track of miles and receipts, and invoices. Do you know if the add on Turbotax will file both Fed and State? Thanks again!!
Just keep track of everything you spend and filing next season will be a breeze. Actually, QuickBooks self employed has a mileage feature that will let you choose the miles that are personal vs for work. You can use this, but it wouldn't hurt to keep a paper log if you are that organized.
If you are doing travel nursing, you may have to file a return for the state you are traveling to as a nonresident, if it is not a state that doesn't have income taxes.
Yes, TurboTax will handle the state part of the return as well.