Official tax thread
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- 57 Responses
- jakeyj0
so is there or is there not a $600 limit?
- 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
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...
- 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
- joyride0
income is income from an IRS point of view. And all income is subject to income Tax. Personally, if i don't get a 1099 i treat it as getting paid under the table and don't report it. Its a risk... but almost all my other work is 1099ed so I have to. Thats when the write-off come into play, 1/2 cell, 1/2 cable modem, some dinners/entertainment, bus cards, office supplies, new equipment etc... just keep reciepts
- brandboy0
I've been using TurboTax to do the taxes and believe me, its beautiful.
- mrdobolina0
I only claim what I get 1099'd for.
- jakeyj0
so lets say I do write of my mobile. am I supposed to right off in proportion to how much I used it for work? So lets say I used it 25% for bizness. Should I write off 25% of the cost?
- 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.
- 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.
- mrdobolina0
If you are going to start writing off crap like that, I would just get an accountant and let him find the 10,000 other deductions that you are going to miss.
- jakeyj0
yeah - i might do that.
but i'd like to learn how to do my own taxes because I'll be doing it for like the next 50 years. $200 bucks a year x 50 = $10,000 dollars I can save doing my own...
- designaked0
Is it tax time already, I still owe from last year.
- 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.
- jakeyj0
I'll start -
So I do a small amount of freelance work on the side -
what can I write off? I use my home computer, internet, phone...Thanks. you are GLORIOUS.
- JazX0
you can write any of that sh*t off, better have the recipts to do it though. If the IRS comes knocking at your door, and believe me they come for small fries too, you better be able to back up what you're writing off otherwise major fine, etc.
- ldww0
i write off like 1/6th of my rent, my mobile, subway ticket, cable internet bill, any computer equipment, magazine subs, books.
you can also write off some meals too, although i do not deal with that. during the day it ccould be cconsidered a business lunch (if you say were to meet with your client)
- jakeyj0
ldww - what? how do you write all that off? do have fulltime work and some freelance?
- ldww0
i do freelance, but i am also a permalancer. the phone bills were all from before june when i used to use my phone for business purposes.
i only report if i get a 1099 also, so if a client is not smart enough to ask me for my social - then shhhhh.
- ldww0
i was told that a cc bill counts as a recieptt... true?