 Raising taxes for 4x4? |
| Do you agree with the Government?... |
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 I recently received a letter from the IRS that i owe them for a previous year. ? |
| However, I have already e-filed my return for the current year and my refund amount is way more than the amount they are saying I owe. I need to know whether or not this will hold up my current due ... |
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 Do I qualify For Unemployment? |
| Would I qualify for Unemployment , If I quit my Job to become a Fulltime Student?... |
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 How do I file my 2005 Tax Returns, I only made around $8000.00 and only $308 federal tax withheld.? |
Additional Details
I have never filed taxes before this and i am 24. I was told the years before that i didnt have to file. I just dont want to end up owing money.... |
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 Does my refund amount decrease with an increase in my annual income? |
| This year, I made about $19000 compared to the $6000 I made last year (part-time work, full-time student). I used HR Block refund estimator and it said that I would only be getting back $750. That&#... |
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 If I am 22 years old and live with my parents can they take a personal exemption on me since I live with them? |
| Since I file my taxes separately I get standard deduction and personal exemption of $3400. Can my parents claim that personal exemption instead of me on their return?... |
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 Is this a fair and proper use of tax revenue? |
| Texas has an extensive program of tuition subsidies for higher education. In-state tuition at colleges and universities is considerably lower than that for out-of-state students. Loans, grants, ... |
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 I've just started a new job and my tax code is BR. I was taxed £30 on £130 for the week. Is this correct? |
What does the tax code mean? In all my other jobs, my tax code was 503L or 522L. I was claiming jobseekers allowance before I started my new job. Does this have anything to do with it?
A... |
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 Forgot to report 6 months worth of rent on the 2007 taxes? |
| It totally slipped my mind now that im in my b/f's home. I paid $465 a month for 6 months and never reported that on my taxes. I claim 6 on my checks and had to pay in to Federal about 600.00. ... |
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 Do we live in RIP OFF Britain? with all our taxes etc? |
my son has just come back from the states and bought a metal detector there for $300 around £160 yet in the Uk the same model sells for £500 and get this is made in the UK
So do we live in rip ... |
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 Can I file my federal taxes now and file my state taxes later, or do I have to file together at the same time? |
| I tried to e file via Turbo Tax and they say that my state isnt allowing me to file until a further date, I need to file soon because I am going to have a baby soon and really need the cash.... |
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 Tax rebate question about the Where's My Stimulus Payment website? |
I finally got it to work...my ?? is this...has anyone else and if so...how long was it after you got an answer before you got your check in the mail?! not direct deposit!!
Additional Details... |
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 My employer withholds taxes as if I were single but on my W-2 form I marked I have 2 dependents? |
| When I asked my employer if she was I was getting paid as if I were single with out dependents she said well do you have someone who does your taxes? I did not understand why she asked and said yes. T... |
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 Ok i found out sum on clamied my daughter on there tax's so couldnt so what should i do? |
| also no one has the right to claim her am the sole provider i am just confused on what is gonna happen i already contacted the irs but there no help now i have to wait forever to get my taxs back.it ... |
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steven s | Tax rates on sole traders /self employed? |
are the rates the same as that of someone on paye and the real savings is from the fact your taxable income is reduced by taking all your expenses off it |
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Dave M
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with regards to points below, remember if you register for vat on a voluntary basis then you will have to charge your customers VAT, that's fine if they are registered and can get the vat back, if they are not and cannot reclaim, you may loose work as your charge to the customer will be higher
you should also be aware that not all household costs can Be recovered, new rules are introduced to quantify what can be claimed and can be found on the revenue website. As will as class 2 Ni u may also be subject to class 4 ( 8% on profitds above £5435 from 6th April.
you should also remember the rules have tightened regarding choice of emploted/self employed as if you only have one customer it may be deemed as a contract and theefore employment income.
hope this helps |
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suerye
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One Step Down is, as usual correct and Old Know it all is also right for a change.
The Top Contributor's logo should give you a clue as to the quality of an answer on here. |
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Onestep downfrom God
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No one has actually answered the question yet, so here goes.
The tax rates are exactly the same whether you are self employed or an employee. Yes, self employed people can deduct costs incurred in running the business and this reduces the amount liable to tax. They also benefit from Capital Allowances on plant.
There may be a small NIC saving, depending on the level of income. Class2 £2.30 pw Class 4 8% from £5435 to £40040 and 1% thereafter. |
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Ian
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"Onestep downfrom God" is correct, however you should really be speaking to an accountant if you are unsure about this sort of thing.
There's a bit more info here if you are confused about what a sold trader is:
http://www.thebusinesslounge.co.uk/index.php/soletrader-self-employed-entrepreneur/ |
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old know all
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The self-employed are taxed on their profits in the trading year that ends during the tax year, so typically they pay their tax a year after the profit arises. Expenses allowable against trading income are anything incurred exclusively for the business - it doesn't have to be "necessary".
The employed are taxed on their earnings and tax is deducted under PAYE. Some occupations can deduct necessary expenses.
The same rates of income tax apply to earnings and profits - or to the total if you have both. However, National Insurance rates are different. Employed people pay a lot more National Insurance, but they are eligible for a lot more contribution based benefits. |
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octogen
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Hello!! Gem,
Self employed sole traders have to submit their accounts to the inland revenue annually.
So you will need a good accountant,one who specialises in tax maters is best in the long run.
You will have another partner in business with you, unvtited, and that will customs and excise,(the vat man).
Normaly the self amployed do not pay income tax during the first 2 years of business because of the start up costs; but returns have to be submitted.
If you are not versed in accountancy i would advise that you get some basic knowledge to enable you to keep your books in order to see your profit/loss situation as you go, and of course cash flow.
Learn something of stock control as well.
You can always contact me again if you wish. |
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SIMON N
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There are many direct and indirect tax benefits, including thae fact that you pay lower NI contributions up front. If you run you own business from home you can deduct many of your household costs (within reason of course) including, gas electric, rates and so on, as well as you phone, mobile phone etc.
Also even if you are below the minimum threshold, don't be afraid of registering for VAT as reclaiming VAT is one of the biggest benefits.
But also (particulalry if you've got a mortgage to pay ) don't skimp on the insurance for sickness etc, as when you're self employed there's no- one else to pick up the pieces. |
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Gem*
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No they are taxed differently.
Sole traders get taxed on their profits not earnings |
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jamez2000
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Don't take tax advice from an online Q&A website (no offence Yahoo!) because you have no comeback if it's incorrect. If you want to find out more then call the Inland Revenue (now HMRC) or speak to an accountant.
My friend uses TaxAssist Accountants who have offices across the UK. |
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awesthof
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If you are a "day trader" and actually make money speculating on financial markets, the IRS has a classification for you. It is called "market to market trader". I would suggest you have a CPA help you with that. |
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