How do i prepare for taxs for next year for a self employed nanny job?

I need to know how to go about doing taxs for my nanny job that i started. I am not going through an employer, i am self employed. The people that I am working for will be claiming it on their taxs. Any help would be appreiciated.

Asked By: fruitloop247 - 4/10/2008
Best Answer - Chosen by Asker
if your employer is not withholding taxes from you,, if you will receive a 1099 from them or just report your income as self-employment, you will need to pay in a tax estimate each quarter. The tax estimate is figured and payed on form 1040ES. You can get this form on the IRS web site along with instructions and... More
Answered By: jeff p - 4/10/2008
Additional Answers (1)
Keep good records. You need to decide with your employer if you are going to be a independent contractor or an employee. As an independent contractor, you are responsible for all taxes including social security. If you are an employee, the employer must withhold taxes, and pay 1/2 of your social security... More
Answered By: fafnir - 4/10/2008
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