Hi, I have never been able to figure out whether I'm filing my taxes correctly because I am a 1099 contractor but I work at one shop full time. I don't have anything to deduct that amounts to more than the standard deduction and I don't know if I'm being fairly taxed. I had a large medical expense to deal with this year and wasn't able to pay estimated taxes, and now I am owing a total of nearly 15,000 for an income of 50000.

Hi, I have never been able to figure out whether I'm filing my taxes correctly because I am a 1099 contractor but I work at one shop full time.=========>>UNLESS you receive W2 as a regular employee, you need to file Sch C of 1040 aslongas the amount on line 29 / 31 is $400 or exceeds $400 also aslongas the amount on Sch SE line 2 / 3 is also $400 or exceeds $400 you must pay self employment tax to IRS and you can deduct 50% of your self employment tax on 1040 line 27.

I don't have anything to deduct that amounts to more than the standard deduction and I don't know if I'm being fairly taxed. I had a large medical expense to deal with this year ========>>>>As you can see, unless you itemize deductions on Sch A of 1040, you can not deduct your medical expenses; when filing your federal income tax return,you can choose to either take the standard deduction or to itemize your deductions, whichever is larger. If you have numerous itemized deductions such as mortgage interest, charitable contributions, etc., it may make sense for you to itemize your deductions instead of using the standard deduction for your tax filing statusThe IRS says most taxpayers use the standard deduction. The standard deduction amount is different for each filing status .


and wasn't able to pay estimated taxes, and now I am owing a total of nearly 15,000 for an income of 50000.========>>As a self employer, a freelancer and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1K or more when you file your return; you do not have to pay estimated tax for the current year if you had no tax liability for the prior year;You were a U.S. citizen or resident for the whole year; Your prior tax year covered a 12 month period. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1k in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.