I've decided to be more independent and start filling my own taxes to safe money. My CEO at the hospital i work at decides we are no longer getting any raises and the hospital will no longer be matching our 401k. So i've decided it's time for me to for look ways to save money. I know they're many nurses here with accounting background hopefully you guyz can help me. I'm trying to figure out what forms i need to file my taxes this year. Last year from january '08-may-08 i worked as an independent nurse for the State of Massachusetts. They didn't take out any taxes from my paychecks. I made approx 32K( I have absolutely no idea where all the money went to!!). I'm a resident of Georgia so i had to travel up there just to work. I came back to Georgia and worked at a regular W2 job where they take out taxes, at a hospital from end of May to current. While i was working in the hospital i also had my job take out extra federal taxes just hoping i won't owe alot when i file my taxes this year. What forms do i need to file my taxes? I know i have to pay federal taxes( medicare/soc sec) and Massachusetts income tax for the period of time i worked in Mass, and ofcourse Georgia income tax (i dont think i owe Georgia income tax since they took it out of my paycheck). Do i need to file seperate forms for all these taxes or is there just one form that covers everything? also what form do i need to itemize my deductions?( i saved alll my receipts of all my purchases while i worked in Massachusetts). I've been on the IRS website trying to figure out what forms i need and it's been very confusing.
Do hope that you have saved all of the additional money that you are going to need to be paying to the IRS, if you have not been sending it in during the year.
Most definitely do not consider doing this if you have never done it before or have been paid with the 1099. You are going to be in for a real shocker as it is. Remember that besides the taxes owed for federal, you are also going to have to pay the medicare part of it and that is 13% or so when you are paid with the 1099 and not having the employer pay part of it. Everything adds up when you least expect it to.
Also make sure that you check your tax code for Georgia, some states still require that you pay them taxes on money earned out of state if you still maintain your legal residence there. Not all are just for the state that you are actually working in at the time.
I would follow the aforementioned advice and go to an accountant this time. The tax code is so confusing and if you make a mistake, you may end up owing a lot more.
There are other ways to save money, don't risk playing with your taxes.
suzanne4, RN
26,410 Posts
Do hope that you have saved all of the additional money that you are going to need to be paying to the IRS, if you have not been sending it in during the year.
Most definitely do not consider doing this if you have never done it before or have been paid with the 1099. You are going to be in for a real shocker as it is. Remember that besides the taxes owed for federal, you are also going to have to pay the medicare part of it and that is 13% or so when you are paid with the 1099 and not having the employer pay part of it. Everything adds up when you least expect it to.
Also make sure that you check your tax code for Georgia, some states still require that you pay them taxes on money earned out of state if you still maintain your legal residence there. Not all are just for the state that you are actually working in at the time.