The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

Tax Tips for College Students Who Are Independent Contractors

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Taxes
Reading Time: 1 min read
college student independent contractor
35
SHARES
583
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q: I’m a college student who worked as an independent contractor for 9 months and didn’t have taxes taken out of my pay. Is there any way to lower the tax bill I will owe?

A: You are correct in expecting to pay taxes to Uncle Sam, since income taxes were not taken out of your paycheck and you apparently did not make any pre-payments or contributions for estimated quarterly taxes.

At this point, the best way for you to lower your tax bill is to leverage your status as both an independent contractor and a student and try to take advantage of as many tax deductions as possible.

Take Advantage of Tax Benefits for Small Business Owners

You did not say what your line of work was, but as an independent contractor (and not an employee), it is very possible that you may qualify for a host of tax deductions granted to entrepreneurs.

For example, small business owners can write off many ordinary business expenses, including:

•    marketing costs
•    advertising fees
•    office supplies
•    hardware and software (subject to certain limits)
•    professional expenses
•    union dues
•    shipping and mailing costs
•    work-related travel
•    phone expenses … and more

Additionally, as a student there may be deductions you can take on your income taxes to minimize your overall tax bill. One such deduction is the interest you may have paid on student loans.

Visit the website of the IRS (http://www.IRS.gov) or talk to a tax professional for more information about possible deductions.

Tags: independent contractor
Previous Post

Should I Pay Off 10 Year Old Credit Card Debt?

Next Post

My Husband Is Planning to Work Overseas Soon. How Will This Impact Our Taxes?

Related Posts

Close up of lower left corner of Internal Revenue Service form 1099-MISC

A Really Simple Explanation of The IRS 1099 Form 

by Lynnette Khalfani-Cox, The Money Coach

As tax season approaches, many individuals and businesses gather their tax documents to file their tax returns. One of the necessary forms that individuals who earn income from non-employment sources need to file is the 1099 form. The 1099 form reports the amount of money an individual or business received...

Elderly Black American Man, African Person Working From Home

Why Do I Owe Taxes? I Am On Social Security

by Lynnette Khalfani-Cox, The Money Coach

Dear Lynnette, I was very upset yesterday to learn that my husband and I owe taxes ($1,100) for 2022. I am on Social Security and my husband is a supervisor at a motel here in Wyoming. I work part time and claimed zero as did my husband. I had an...

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach

With the new tax filing deadline looming, I stopped into Black News Channel’s “BNC Live” to discuss the upsides of joint filings and the disadvantages of filing solo. To kick off the segment, I detailed the built-in “penalties” that single individuals face in many aspects of life, including higher taxes,...

tax refund

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach

With tax season upon us, millions of Americans are expecting sizable refunds.  But there’s no consensus on the best ways to put that money to work.  I stopped into PIX 11 in New York City to share some tips and strategies for maximizing the extra cash. I kicked off the segment with...

Car tax break tips

Skip the Luxury Car and Other Vehicle Tax Break Tips

by Guest Blogger

When it comes to purchasing your next vehicle, you could be leaving money on the table. The truth is that savings on your next car are not only dependent on special deals offered by the dealership. There are also savings to be had in the form of a tax break. Around...

uber and lyft

Tax Pros and Cons for Uber and Lyft Drivers

by Guest Blogger

While being a driver for Uber or Lyft is a great way to earn extra income, it can also come with many tax benefits and disadvantages. Getting an understanding of what can help you at tax time is essential so that you do not owe Uncle Sam more than what...

GOP Tax Plan Hurts The Middle Class

5 Horrible Things About the GOP Tax Plan

by Lynnette Khalfani-Cox, The Money Coach

President Donald Trump and the Republican Party are trying to rush a massive tax “reform” plan through Congress with as little as possible public hearings on the matter. It’s little wonder that the GOP doesn’t want too much scrutiny into this misguided, unfair tax proposal, because this tax plan –...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1388 shares
    Share 555 Tweet 347
  • What to Do if Your Spouse Stole Money From You

    1177 shares
    Share 471 Tweet 294
  • What to Do If You Can’t Afford to Leave Your Spouse

    1114 shares
    Share 446 Tweet 279
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1020 shares
    Share 408 Tweet 255
  • What Do All Those Strange Codes In My Credit Report Mean?

    821 shares
    Share 328 Tweet 205
  • Do This Now If Your Wages Were Not Reported

    754 shares
    Share 301 Tweet 188
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    734 shares
    Share 294 Tweet 184

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist