Self Employed Taxes?

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[ARCHIVED THREAD] - Self Employed Taxes?

Posted: 10/30/2004 2:14:35 PM EDT

I'm now self employed. YTD I've banked roughly $90,000. What all can I write off? What's a good guess for a "tax bracket"? What should I be saving? Write off mileage, home office, how about tires & other maintenence on vehicle? Dinners out with clients? New to this ball game & don't want to get caught with my pants down in April!

Posted: 10/30/2004 2:16:37 PM EDT

[#1]

Quoted:
I'm now self employed. YTD I've banked roughly $90,000. What all can I write off? What's a good guess for a "tax bracket"? What should I be saving? Write off mileage, home office, how about tires & other maintenence on vehicle? Dinners out with clients? New to this ball game & don't want to get caught with my pants down in April!

Man you are going to get ass raped by the IRS
The best advise I can give you to hire a CPA

The payroll-FICA taxes are going to hurt you the most.

Posted: 10/30/2004 2:18:25 PM EDT

[#2]

you should be filing quarterly , make sure you are, that helps the april tax day burden

Write off dinners with clients that you discussed busisness with, or pitched work, I used to take the receipts and write on the back a little "who, when, what" so I know for later on.

Keep a mileage book for your vehicle, that way you can write that off.

Office, office supplies, car work, heck I bet you could even write off your suits, but I would check with your accountant on that one.

The main thing is documentation just in case you get audited, having your ducks in a row helps, its a pain but in case it happens it will be worth it.

Posted: 10/30/2004 2:18:44 PM EDT

[#3]

You really need to find a good CPA. He can keep you out of trouble with the IRS and save you more in taxes than what you pay him

Posted: 10/30/2004 2:18:50 PM EDT

[#4]

I DI

DTHE SELF EMPLOYED THING ONCE.....IRS GOT ME FOR THOUSANDS 2 YEARS LATER.....GET A TAX GUY.

Posted: 10/30/2004 2:20:35 PM EDT

[#5]

You can write off either milage or vehicle maintinance, not both.

Posted: 10/30/2004 2:22:11 PM EDT

[#6]

Awsome, thanks for the help. I'm probably in for an ass ram....No I haven't filed quarterly. Actually I've hardly saved a penny. My costs for start up, student loans, ect have sucked most of my $ away. I'm just getting to the point that I can start to save for taxes.
New Strategy: Take everyone in town out for a VERY expensive dinner & discuss work. That way I can both eat & get a write off instead of eat at home & pay full price to the .GOV

Posted: 10/30/2004 2:22:23 PM EDT

[#7]

Quoted:
I DIDTHE SELF EMPLOYED THING ONCE.....IRS GOT ME FOR THOUSANDS 2 YEARS LATER.....GET A TAX GUY.

We really got our asses handed to us one year as well. Do not try to do it your self, get a CPA

Posted: 10/30/2004 2:23:06 PM EDT

[#8]

Quoted:
Awsome, thanks for the help. I'm probably in for an ass ram....No I haven't filed quarterly. Actually I've hardly saved a penny. My costs for start up, student loans, ect have sucked most of my $ away. I'm just getting to the point that I can start to save for taxes.
New Strategy: Take everyone in town out for a VERY expensive dinner & discuss work. That way I can both eat & get a write off instead of eat at home & pay full price to the .GOV

Ouch!

Posted: 10/30/2004 2:24:22 PM EDT

[#9]

Yeah, ouch. Ok CPA here I come!! He'll definately make his money with me..

Posted: 10/30/2004 2:25:20 PM EDT

[#10]

You owe at minimum 30% of that 90K to the feds, if the 90K was actual income (Receipts - Expenses). Probably closer to 40%, so figure between $30,000 and $36,000.

If Kerry gets elected, you'll be lucky to take home half of your hard-earned pay.

Posted: 10/30/2004 2:27:59 PM EDT

[#11]

Quoted:

If Kerry gets elected, you'll be lucky to take home half of your hard-earned pay.

Just 1 more reason for him NOT TO WIN! I just can't afford him!

Posted: 10/30/2004 2:43:05 PM EDT

[#12]

Get a cpa now

Posted: 10/30/2004 2:46:43 PM EDT

[#13]

Buy a vehicle.

Posted: 10/30/2004 2:50:26 PM EDT

[#14]

Your screwed

Posted: 10/30/2004 3:08:06 PM EDT

[#15]

Wow. The time to be doing tax planning is not at the end of the fiscal year.

As for the 90k, who knows, you may show a loss for the year. Hopefully you have kept good records. What type of entity did you do business under? That will determine if the losses (if there are any) will pass through to you. If you are a Sole Proprietor, kick yourself in the balls once since I am not there to do it for you.

Just kidding. I do tax planning, so if you want, IM me and I'll give you my phone number. Since all ARFCommers are kindred spirits, I will not charge you or anything, just call me up and I can give you some pointers.

Oh, and be careful with that big business meal, chances are it is only 50% deductible......

Posted: 10/30/2004 3:20:03 PM EDT

[#16]

...........with a dick big eonough for an elephant to feel it.

Hope some of that's ca$h.

Posted: 10/30/2004 7:20:53 PM EDT

[#17]

Quoted:
Buy a vehicle.

I did buy one for business & drive it exclusively for it. But its just a small SUV so I don't know what that'll get me.

Oh, and also thanks for the loving words of encouragement yall!

[ARCHIVED THREAD] - Self Employed Taxes?

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