AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, Your Money.
Education/Credentials BBA, Baylor University.
Awards and Honors IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 4/8/2008 Subject: 1099 and W-4
Question I am both a 1099 contractor (with one contract to only one company, making less than $3,000 in 2007) and a W-4 employee with two different non-profit groups. How do I declare this on my taxes? Do I need to fill out separate forms or can I use a Schedule C-EZ?
Answer You will report the W-2 income on your 1040 and your 1099 income on Schedule C or C-EZ. You can also deduct any expenses related to your 1099 income on the C. The Schedule C is an attachment to the 1040. You will also need to complete Schedule SE to calculate the self-employment tax on the 1099 income.
