Today TaxMama hears from Alex in the TaxQuips Forum, with this issue. “I am the worship leader at my church and am currently paid a salary of $6,000 a year without taxes taken out. I also just recently took on a short term job in which I was hired as an independent contractor to do odd jobs for a small business. By the time my services are finished I will have made over $600. My questions are: What form(s) do I need to get filled out?
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What taxes will I have to pay in light of this information to make sure I get everything taken care of?”
Hi Alex
I did a little reading to learn more about worship leaders to see if you might be entitled to any special treatment as clergy. Apparently not. But it does sound like a delightful and joyous occupation.
Well, it sounds to me as if you’re in business for yourself.
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You will need to fill out a Form 1040, a Schedule C, a Schedule SE – at the very least. Those forms are – the main long form tax return, the business profit and loss, and the self-employment taxes forms. You may also need a Schedule A (for itemized deductions); a Form 4562 for depreciation; and a Form 8829 (for office in home).
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Read IRS Publication 334 BEFORE you do anything. You can find it online or call IRS’s Forms hotline at 800-TAX-FORM (800-829-3676) to get a printed copy.
Also, consider learning about strategies to reduce your taxes with Small Business Taxes Made Easy.
It appears that more and more good things are coming your way.
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And remember, you can find answers to all kinds of questions about being self-employed, and other tax issues, free. Where? Where else? At www.TaxMama.com.
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