I am one of those people who likes to get my taxes done early, but the last couple of years have really made me reconsider that line of thinking.
For the last two years I have been a 1099-MISC independent contractor for our church. Unfortunately, this throws me into the highest tax bracket, and we get slaughtered during tax time. Guess what I am going to be using my federal rebate for this year? 
The bad news is that we got slammed again this year, The good news, I am a W-2 employee this year, and I finished our taxes tonight, so I will not have have to file this way again!!
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25/02/2008 at 7:20 am Permalink
Hmmm, the way you file should thrust you into a higher tax bracket, as your earning should be what determines what bracket. As a 1099′er (aka business owner) you should have more eligable tax deductions which in essence should reduce your overall tax liablility. Oh well, your an employee now…get back to work!!!
25/02/2008 at 8:24 am Permalink
Yeah, there are benefits to being both a 1099 and W-2 employee. This last year I was able to write off a lot more because I knew I was going to be a 1099 contractor. We are in much better shape for 2007 than we were for 2006 when I didn’t have any warning I was going to be a 1099 contractor, and wasn’t able to prepare for it.