In your dreams, buddy! Now, please, before you write me a nasty email, let me explain. I’m not being rude with you, and I’m not trying to rob you. My opening words simply reflect the attitude of the IRS. Part of this attitude comes from the tax law as written by Congress. The other part …
[…] How unhappy? $20,028 unhappy. Because this is how much taxes a single person will owe on $70,000 self-employment income earned in 2014. Yes, between Federal income tax, Social Security tax and Medicare tax […]
[…] I just outlined 7 different deadlines, and each of them has its own rules when it comes to extensions. Paying 2014 taxes – you cannot get this deadline extended! From April 16, you start accruing penalties and interest, extension or not. However, […]
[…] However, let’s say this is your fist year in business, and your marketing expenses were greater than income by $10k. You have a $10,000 tax loss. Your $2,000 home office expense cannot turn this $10k loss into […]
[…] there is no simple formula to figure out how much taxes will be due on your next $10,000 deal. It could be anywhere from the manageable $1,500 all the way to the ridiculous $4,000. In other words, between 15% and 40%. […]
[…] Now the newly enlightened artist had $30,000 of so-called business expenses (including, you guessed it, a Disneyland vacation, err, business trip) and a huge tax refund. This money came handy and was promptly spent. Shortly after, she also had […]
[…] With a business like yours, the start date is somewhat subjective. It could be the date when you received your first order. It could be the date when you first advertised your business […]
[…] If you do have a corporation with a valid extension, then you must file at once. Otherwise, you’ll be hit with horrible penalties. For a C-corporation, it is more than […]
[…] after the session, I was approached by two ladies. They introduced themselves as former IRS agents who now retired and switched sides. They shook my hand and confirmed that, while the IRS auditors are indeed trained to […]
[…] Keep in mind that certain expenses, particularly those related to rehabbing, may not be deductible until the property is rented or sold. In that case, paying the bills in December […]
