My brother and I plan to purchase a property 50/50. I am to live in the home and pay my brother rent for his half. Will i be able to deduct my half of the mortgage interest as a personal expense on ...
I MADE GOOD MONEY LAST YEAR BUT WITH RENT, CAR PAYMENTS, CHILD CARE AND RAISING 3 KIDS I BARELY SURVIVED LAST YEAR NOW MY TAX GUY IS SAYING I OWE $9,000 TO IRS HOW IS THAT POSSIBLE????????...
I never thought into it and my mother hasnt filed in a while becaue she says she was told not to file. I understood it then being that she was not working but now i need college stuff and they need ...
I donated to a charity in 2006 and forgot to list it on my taxes. Do I need to amend my return to get credit for this or can I claim it on my tax return next year?...
My tax refund on sbbt said, 1/25/08. The Irs said, 1/29/08 and when I check sbbt bank, they said, my refund will be deposit the following friday. I assumed that they send them out on Thurs. and it ...
I haven't gotten my W2 form from my previous employer and I was wondering who I should call if I don't recieve it by January 31. Some have told me to call my employer while others have told ...
Additional Details This is interesting because technically I am better off, but other changes mean that actually I don't really gain. My wife is worse off and as a family although ...
If a car is avail for personal use and you pay for all your private mileage and keep records is this sufficient for tax purposes? Can a company deduct a "certain amount" from an employees ...
Ok me and my ex have not been together for 3 wonderful years. As all of you know its tax season... Well to make a long story short we never married and we didnt have an agreement on who gets to claim....
Don't forget, its not the earnings you pay tax on, but the profit.
Onestep downfrom God
You'll pay tax on any taxable income over £5225. What you "earn" and what is taxable are two different things. P & L accounts show what you earn after expenses, but they also include non deductible items such as depreciation. You can "earn" £50,000 pa but not pay any tax if you have sufficient capital allowances etc. See an accountant.
Simon S
The most you can earn is £5,105 AFTER deduction of expenses. If your partner is not working you can pay them £5105 per year as secretarial services. This will save you £1,123 off your tax bill.
fargo
it is the profit you pay tax on so you need to retain all your receipts relating to your work. then at end of year when doing your books take the outgoings from your turnovr and that leaves the profit -you are then taxed same as employed person. Look on Inland revenue site for current tax levels. Remember to pay your NI monthly for self employed it is only £10.50 approx and then you pay further NI dependent on your tax returns. Suggest you put 20% away of what you earn in different account so you are not left with hugh bill to pay.
Tax Chap
One Step Down from G-d has given you the most accurate answer that not even I can improve upon. ;-)
Luke
Take notice of fengirl2 she is giving you a BIG BIG hint. Then talk to your accountant.
firebobby
Get yourself an accountant. Without being underhand the allowances you have as self employed are far greater than an employed person, plus your NI contribution will be a lot less. Your local Inland Revenue office will put you on the right track with ref to NI your accountant will do the rest.
JENNIFER B
If you're in the UK, look at your tax code - mine is about 5000L which means I can earn below 5000 and not pay tax. If you're single, it will be about 4745L or something. (mine is 5*** - I don't know the exact amount.)
Homeless in Phoenix
Just as much as if you were working for some one. The difference is you will also have to pay both halves of social security tax. When you work for someone you pay half and your employer pays the other half.
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