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    3 Replies Latest reply on Feb 26, 2008 8:05 AM by LUCKIEST

    First year self-employed filing taxes by 1099MISC

    Russian_dude Newbie
      Hello. I worked for W-2 almost all year and then I started my own little
      business on March of 2007, so then I worked for 1099. My annual income
      with W-2 and 1099 is around $28000. My wife goes to college and she
      pays for her education and books herself and her income is way less,
      than mine, and she works for W-2. Besides that I got a loan on a car
      which I mostly (90%) use for my business, and I've got many other deductions
      I can claim. The total for my deductions is around $11000. My other
      questions are:
      • Is it better for me and my wife to file separately or jointly?
      • Can I deduct car payments? Or I can only deduct insurance, miles, interest I paid and other expenses?
      • Is it worth going to some private tax adviser? Where can I expect more help from: H&R Block, or some retired IRS agent?
      • I was told that if I deduct more that 40% of my income, it'll be very suspicious. But what if I really can?
      • Can I pay my taxes with the credit card or it's better to file an extension?