Q: How to pay taxes if you're a contractor? I signed W-9 form when I was hired. Thank you!
Hello,
I have a question regarding taxes.
My situation a little bit complicated, as I couldn’t find the answer to it.
I’m in the US on an F1 visa, already finished my studying and I’m on OPT for 1 year right now, till the end of October.
To remain in-country legally, I had to register a company and become self-employed. My major is Computer Science, so from my understanding, I only had to obtain a Tax Registration Certificate from the City of LA.
But now I got a job as a contractor. I signed the W-9 form. Under the 2nd and 3rd bullet point, I filled out my name and chose “Individual/sole proprietor or C Corporation S Corporation Partnership Trust/estate single-member LLC” respectively.
So taxes are now my responsibility.
My question is what form should I fill out to pay taxes and how much I should pay?
Do I need to close self-employment now?
And is it possible to reduce taxes, such as the cost for an apartment where I’m working?
Thank you!
A: If your company is a pass through entity you would file a Schedule C. I recommend paying an accountant to prepare your return. They will be able to help you reduce your tax bill. Make sure you use an experienced CPA.
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