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Thursday, March 19, 2009

Answering a Reader Question #40

Jovan Doe Wrote:

Okay nice idea for post but what about the "What did you get this money for" question from the 1099-misc. taxes.

I left my major agency last year mid season, did most of my runway shows & presentations and quite a bit of print ads through a smaller agency in NYC. I received my 1099-misc for the first time and deceided to do them myself.

The answers they give could be any 3; Occasional worker, contract labor or consulting, or even wages. Which one is the best to pick bar all chances to get killed by taxes.


Hey, Jovan, and thanks for the question. I am not a professional tax advisor so I can only offer my opinion for what I would if I was in your situation. I would opt for the "Occasional Worker" answer. If the word "consulting" wasn't attached to the "contract labor" answer, then I would pick that, but so far it seems the "Occasional Worker" option is your best bet. I would also suggest visiting a tax website like H&R Block, where they sometimes offer online chat assistance so you can also ask them the same question you asked me to make sure you're covering all your bases.

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