Official tax thread
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- 57 Responses
- khilled0
are there such thing as tax credits for design companies or design productions? like in film productions?
- lebowski0
do you have to pay taxes if you don't make any money?
- canuck0
Just found out I'm getting $2,600 back off the canadian gov this year. yay!
Probably wont see the check for some time though :( Bloody slowpokes.
- mg330
Sad laughs at the suckers in line at H&R Block, well, the ones that likely have nothing more than a single W2 to file but will still pay someone else money to perform a task no more difficult than zipping up pants.
I know that people go there for complex tax stuff, but you know people like I described above do as well, and I think that's rather, er, laughable.
- joyride0
zombiewoof:
No you don't need to file in those other states. Only michigan since that is where you live. That is the state that gets the tax. If the maryland Co. took maryland taxes (not Fed) then you can file to get that money back, so you can pay your MI taxes with it.
Of course I'm not a tax pro, so ask your accountant. But thats what my accountant does.
- zombiewoof0
Alright so I've search the interweb, and read through all the tax threads here (US), and can't figure out something. I live in Michigand and worked for a company in Maryland. Do I need to file both states? Along the same line, I did a couple grand of freelance for a company in California that was 1099'd, do I need to file CA state as well....mah head hurts...
- jakeyj0
good idea joyride. i could probably handle doing something like that...
- joyride0
I've got a little firesafe, I keep all important tax stuff in. I have an interoffice brown envelope for each year, and when I get a reciept I put it in there. I've got one for business and one for personal. Near tax time, i organize them and deduct what I can. It's pretty easy, and you always know where the reciepts are.
- tkmeister0
thanks joyride, i'll look into it.
anyways, even if you are good at keeping track of all records, it's still best to have an accountant.
i keep all the receipts and statements in the shopping bag or shoe boxes. also, try to use one creditcard for all the business spending so it's easy to see.
- stevegee0
I do it out of needs, not desire, I hate book keeping and accounting crap. I wish I could pay someone to do it on a regular basis for me, and one day soon I will, that's why I don't do my own taxes, they know ALL the loop holes and so long as I keep good records, they just do their thing and I make out like a bandit.
- joyride0
i need to be more anal.
tkmeister
(Mar 9 06, 11:47)There was a thread yesterday that might help. something like "help with a proton torpedo" maybe that will cure your desire. lol
- jakeyj0
haha good one tk
steve - it seems like you would be able to do your taxes if you are that good with everything else.
i decided to use an accoutant btw...
- tkmeister0
i need to be more anal.
- stevegee0
By the way...
For anyone that has adopted a child this year, there is a $10,329.00 tax CREDIT that is available. No, that's not a motivation for doing something like that, the benefits are deeper, but that sure is a lot of diapers!
- stevegee0
I don't do mine, but I could probably. I use Quicken for my personal banking and Quick Books for the business, and I keep an excel spread sheet for budgeting and expenses.
I'm extremely anal about moeny and organization, it sucks sometimes.
- jakeyj0
so steve do you do your own taxes?
and how do you keep records of all that stuff?! you must be really organized. I bet it pays off tho.
- tkmeister0
so i just met with my accountant. i am fuuuucked this year. argh. what a fucking day...
- stevegee0
you can do your own taxes jakeyj, just be careful, if you screw up you could get hurt bad.
In the US...
-only 50% of meals (with or related to client work) are deductible.
- Clothing and dry cleaning is not allowed to be deducted
- mileage is a huge way to grab a huge deduction on your vehicle, it's about .38 each mile, and it adds up, all you need is a 'journal'.
- gym membership can be a grey area, if you use it to network and meet new clients
- any deduction regarding a mixture of personal use (i.e.: home mortgage taxes, phones, etc.) is a red flag for the IRS, so be careful.
- any office supplies that might be needed for the 'home' office are deductible, as well as magazine subscriptions, CD's, books, postage, printing... etc.The point is to not show a profit but try to break even with the things that you buy yourself, I mean that you buy y the business so you don't have to pay taxes on anything! Just keep good records!
- bukka0
Well the thing about hiring an accountant is new tax lawes come out yearly so unless your going to keep up on those then hire an accountant they are worth it.
As for not reporting from no 1099, yeah its risky because you still have a paper trail through your banks, it could get found, hypothetically.
I made more than last so I had to pay more taxes, which SUCKS.
- jakeyj0
you're probably right mdobs