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Additional Details
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Additional Details
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loreal | If I earned $500 in '07, and paid $4,000 in tuition & supplies, can I write them off? |
In 2007 I wanted a career change and took a certification course at an institution and paid $4000 for tuition & fees. After completion and job hunting I never found suitable employment so I decided to freelance and became a sole proprietor. I made a grand total of $514 dollars last year. I know I must file taxes because I've made over $400. I've been told that I can write off tution and supply expenses. Is that true? And if so, how much if any do I stand to gain in terms of a refund? I have no dependants. Any helpful, factual info will be greatly appreciated. |
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ninasgramma
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Your education expenses are not a business expense against your freelance work. Education which trains you for a new career is not a business expense.
You could use the tuition and fees you paid as a adjustment to your income. However, this is useless to you as your taxable income is zero.
If you have a few expenses, perhaps some supplies or a little mileage, that can reduce your $514 total to under $400, then you will not owe self-employment taxes (Social Security and Medicare).
File your tax return to document that you owe no income taxes, and hopefully you have expenses which will allow you to not owe self-employment taxes as well.
Since your education expense is not a business expense, the adjustment you take for tuition and fees will not generate a loss that can be carried forward. |
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acmeraven
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Go to IRS.GOV and order a Pub 17 that explains everything to you. If you grossed 514 and had expenses you should fill out a Sch C and file a return to get you NOL (net operating loss) in place; which can be used to reduce 2008 income when you file taxes next year. You won't get a refund but will save tax dollars this year (hopefully you make money in 2008). |
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Judy1
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You could calculate an education credit for the expenses, but that could only be used to reduce your income tax, and you already don't owe anything so would get no benefit. The tax you'll owe is self-employment tax, for social security and medicare, and education credits can't be taken against that, it's figured separately. |
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mmturtle
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No, you can't. You haven't paid any taxes to get the write off back. |
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nancygoldman@sbcglobal.net
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no |
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rubberduckygeorge
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you have to make more then your standard deduction in order to be able to file for taxes. your deduction is either 3300 or 3500. but if your state says if you make more than 400 then file, you can get deductions for the tuition and expenses. you might even be able to right it off as a job seeking expens, or expense for a better paying job. |
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DMG
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You can only write off up to what you made, so you essentially should get every penny back that you paid in. You maybe able to take the excess losses and carry them over into next year. |
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tone
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If you had taxes withheld you will receive refund. however, most freelance means no taxes withheld. You must file, can write off expenses, you will have no liability (taxes) |
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Will Stone
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yes,,you should get money back ....
the ppl above me do not know what there talkin about ...ive been self employed for 13 years and that is a ligitemate deduction and you will register in the poverty level for income..
you can write every bit of it off |
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