 Is it better to pay the high fees for H&R Block, or file free with the IRS? |
| I know you probably won't get as much in deductions from the IRS, but in the end which is the better option?... |
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 Change on dates for tax stimulus refund?? |
Has anyone heard that the dates were changed and moved to a sooner date as to when the refund checks would be mailed?
Can you provide a link if you have one??
thanks!
Additional D... |
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 Why are bonus checks taxed at a straight 42%? |
Whenever I get a bonus check it is taxed at a straight 42%,does everyone get taxed this amount on bonus checks and why?I believe the IRS gets 25% while the rest goes to state,city and ss.
A... |
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 Taxes: I spend alot of money on gas. Is there a way to get some money back? |
I saved a bunch of receipts...
i drive 110+ miles a day to work, spend about 300-400 dollars a month.
can i get money back???... |
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 Employer does not withhold anything. Is she supposed to? |
| I am starting at a new hair salon in ohio. she is keeping 50 % of my services, plus $10 for maintaining equipment. She is not, however, withholding any taxes, social security, or anything. If she ... |
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 Does child have to claim social security survivor benefits? |
| My teenage son gets survivor benefits from his mom's death. The benefits are attached to his social security number. He worked part time this year, so it will be his first time filing an income ... |
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 Tax return question? |
I am a 19 year old student, i made $7800 last year.
447 withheld in federal income tax
482 withheld in social security tax
112 withheld in Medicare tax
how much am i ... |
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| Does anyone know what time the stimulus will deposit Friday? |
| Our small local bank processes electronic deposits first thing in the morning so if the IRS is depositing Friday afternoon it will be Monday before it is credited to our ... |
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 Question about direct deposit tax refund? |
| Hi. I mailed my taxes in about a month ago. I didnt do them electronically. I checked the "Wheres my refund?" website yesterday and it said they have received my forms and are processing ... |
|
 Can I deduct milage on my income tax return? |
| I am new to the field of merchandising. I travel to various stores within a 50-100 mile radius, stocking and servicing different products. I travel anywhere between 30 and 200 miles per day. Can I ... |
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 Labours tax fiasco. Will there decision to scrap the 10 per cent rate cost them the election.? |
The cleaner who i see briefly in the morning said she would be 30 pounds a month worse off.
I said funny that i am white male and single and earn 30k a year and will be 30 a month better off ... |
|
 Can I claim my 2 kids on my taxes even though I don't work?? |
| I am a stay-at-home mommy of 2 and was wondering if I can claim my 2 children even though I do not have an income. My boyfriend that lives with us works, but he owes the state ALOT of money so he ... |
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 Can you claim a pet on your tax return as a dependant? |
| It is dependent on you for everything; you buy it food and clothing; you take it to the pet doctor (vet); when you travel, you buy them a ticket. So, if pets are dependants, they should be claimed so ... |
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 I have bought a car with the disabled tax disk.? |
| i know i must change it back to regular tax. there is a dvla centre in nottingham will they be able to do it all there for me if i take my insurance documents? also if i rng them in the morning will ... |
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brewerfanx1 | Any way to reduce my Self-employment tax that I pay without decreasing my Income? |
I know that the Self employment tax is 15.3 percent.I make $70,000 a year, and I'm self employed. I also get a 1099 that states my Income. I did one of those Turbo tax on line calculators and I had more deductions then income. So I didn't owe anything on Income, but It said that I owed about 10,000 in self employment tax. Is there any way to not have to pay it or simply reduce it? Thanks. |
 |
 
wartz
 |
There is no options here. If you were a wage earner the same amount of tax would be due but it would be paid by withholding and the employer's share. |
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Worldly25
 |
That 15.3 is for social security and must be paid. There is no option. |
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ninasgramma
|
You must have expenses against your self-employment income. Expenses would include any of those listed on Schedule C.
Contributing to your own 401k, or other retirement plan will reduce your income taxes, it will not reduce your self-employment tax. However, if you have an employee, your payments toward the employee's retirement plan is a deduction against your self-employment income. However, you will pay the employee's half of SS and Medicare.
Contributions to your health insurance, or to your employee's health insurance, are treated similarly to retirement contributions.
Depending on the nature of your business, you could look into forming an S Corporation. If it is appropriate to treat some of your payments as dividends from the S Corporation, you may escape some self-employment taxes, and pay self-employment taxes only on the payments you receive for services rendered.
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Jason
|
Realistically speaking you will have wanted to pay the 15.3% of SE Tax, which is both Social Security and Medicare Taxes for you for the year. Your other option would be to put your income into a Tax Deferred retirement plan, like a Solo 401(k), a SEP, or a Traditional IRA. A financial adviser can help with this.
If you don't want to reduce your income, the best option would be to make quarterly estimates to the IRS to reduce your liability at the end of the year. Failing to do that would also incur penalties to your balance due. |
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travelguruette
 |
If you dont have any income you dont have income tax. You still have to pay ss and medicare |
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xtraheavy01
 |
That makes no sense. If you prepared your Schedule C from the 1099 you received and you took deductions and you had more deductions then income., then you should wind up with a negative or loss on your Schedule C. There would be no self employment tax owed.
Unless what you are saying is that you have itemized deductions and you ended up with a net income from your Schedule C. then that would make sense.
Then the only way to reduce your SE tax is to reduce your net schedule C , in effect, claim more deductions to offset the Schedule C income.
If you have W-2 wages, make sure you take credit for the fica and medicare. |
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Bibs
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When you retire some day, you will be glad that you have all those accumulated benefits. Do not fudge on this one. It is like shooting yourself in the foot. |
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Jss
 |
On schedule C you can deduct business related expenses.
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html |
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