Im a self employed nurse and i have about three years worth of income that i need to file and i have already

Question

recieved letters from the irs i have reciepts of things i have bought thats related to my profession. will this help lower the price of what i have to pay in? and can anyone suggest a good tax preparation company that could help me resolve this issue. thanks

Answer 1

You will need to file Schedule C - Profit or Loss from Business.  You will fill in the income that you received and then you will write off all of your expenses against that income.  Expenses could be you vehicle or vehicle mileage, uniforms, insurance, supplies, etc.  The bottom line on this schedule is carried over to your 1040 and added to or subtracted from any other income you may have.  You will then be assessed medicare and social security taxes.  As a self-employed nurse, you should be paying estimated taxes.  The IRS is a pay as you go system.  They want their share as you earn it, not when you get around to giving it to them.  Find a local H&R Block office.  They will be able to help you.  Good luck!

Answer 2

Any of the professional tax preparation firms would be able to handle your case.  Now is a good time to approach them, before the tax filing season starts.  Only experienced staff are working now.

You can reduce the tax you owe by taking all ordinary and necessary expenses.  In your case, if you travel to perform your service, your transportation expenses are deductible.

You should gather all your expenses, and your miles travelled (use your calendar).  Take this, your income documents,  and all your correspondence from the IRS to your preparer.  

To jog your memory, look at the expenses on Schedule C and start gathering your information.

http://www.irs.gov/pub/irs-pdf/f1040sc.p...

Answer 3

Read about self employed tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-...

Answer 4

Dear self employed nurse,

I know of an excellent tax person. I will call them tomorrow (Monday) to see if they are available.

If you call me tomorrow evening I should know something.

Jim 314-709-0650

Answer 5

Yes you can ask for abatement of penalties, but that generally only helps you on the first year you didn't file.

Did you make any estimated tax payments at all?  If not, you will be in a world of hurt.  Failure to File, Failure to Pay, Interest...but absolutely file before the IRS files for you.