Will I be overcharged if I filled my 1099 tax form incorrectly If I did, can an accountant protect me from going broke

Business 3 views 3 answers
I joined a temp agency that does 1099 form ( independent contract and not W-2) and am worried that I flled out he form wrong. I am worried that I will wind up paying more money than I am suppose to. I am also worried that the agency will try to defraud me and will leave me penniless. Is there any laws protecting me from the agency to defraud me even if I filled out the form wrong? Can my accountant protect me from being overcharged

Attorney Answers

3
Marcel Wurms ·
I'm not sure what form you're referring to. If you mean the W-9 , then all you did was provide your social security number. 1099 employees are independent contractors. No taxes will be withheld. You will be responsible to pay your own state and federal income taxes, as well as self-employment taxes. These can be substantial, and may require you to make quarterly estimated tax payments. You should contact your accountant immediately, not only to estimate your taxes, but to set up a bookkeeping system so you properly account for any tax deductible expenses you may incur. As far as the fraud aspect, I'm not sure what it is that you are concerned about.
0 upvotes
Raymond Haselman ·
The company you worked for is supposed to fill out the 1099misc. I don't know who your accountant is or even if they are qualified but a tax attorney could help if you find yourself in trouble with the IRS
0 upvotes
Kaye Willi ·
I cannot advise you without knowing more facts about your situation. My one recommendation, however, is that you keep copies of your paychecks so that you can compare the total amount paid with the total amount reported on the 1099 that you receive next year. Good luck!
0 upvotes

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