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Old 08-24-2009, 12:45 PM
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Join Date: Aug 2009
Location: MA, USA
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Default Need 1099 tax/finance Help

About 2 years ago I lost my job in as a Credit Analyst of 5 yrs due to the down fall in the Finance Sector, I was then unemployed for about a yr. Searching for jobs in the same field with a comparable salary as my last was very difficult and the offers that I did get were still much too low to even pay my Mortgage + cost of living.

In Jan of 2009 I decided to go into sales as a 1099 LLC (never been a 1099 before) where I am now making decent income. Catching up with over due bills and mortgage payments, it is now Aug 09 and I have yet to make any quarterly payments towards my Taxes. At the rate of my income I will be literally living paycheck to paycheck from now to indefinite.

What are My options regarding my Tax payments for my LLC?

I had to resolve my unsecured Credit Debt which hurt my credit so getting a loan is out of the question.

My house is actually upside down at the moment so selling it would just cost me more money.

Refinancing, I believe is a no go due to my recent credit activity and reduction of income

My cost of living is tuned down to a bare minimum. (ex. spend less then $100 a week on Food for 2 people, utilities are cut down to the bare essentials like instead of turning on the AC I'm using fans, Instead of turning on heat , I just throw on cloths.)

I am keeping track of all my expenses to write off but that does not out weigh what I estimate my taxes to be.

Can anyone offer me some advice?

Thank you
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Old 08-25-2009, 12:02 AM
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Join Date: Sep 2007
Location: Montecito, CA, USA
Posts: 366
Default Re: Need 1099 tax/finance Help

my dear friend, forgetting Uncle Sam is a receipe for desaster, so first do some accounting, and check what you owe, than start paying, create a special account only for taxes and do not touch it but put monthly money away, however here something which may sweeten it, you can pass losses backwards for ayear, so you may get money back which the IRS will keep for future taxes, but use an accountant.Do it tomorrow but not the day after
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