| I Have A Question About Self Employment Taxes |
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moneyflow
Preferred Member
Cash: $ 19.75
Posts: 143
Joined: 22 Jul 2005
Location: New York
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| I Have A Question About Self Employment Taxes |
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Hello
I have a question about self-employment tax. I am new to taxes, I always had a accountant do them and they were very simple becuase I only had one source of income.
I would like to do my taxes myself for the first time and was wondering about making deductions for my home business expenses. I am also a musician and wanted to deduct expenses from that.
I never looked at a tax form before really and I just wanted to know about claiming income and making deductions.
Two main questions:
1. Do I have register my home business to claim losses by filling out a DBA form.
2. Do I have to make a certain amount of income to claim tax credits and deductions. Do I have to fill out a seperate tax form for each income source or do I add them all together? Ex: My Regular Job, Home Business
Also is this really going to benefit me and get me back more money by trying to claim all this stuff? I would like to try and write off gas, food,..etc..
I know this sounds like a stupid question but I never really learned about this stuff and would like to get into it
Any help would be appreciated.
Regards
Daniel Cassidy
http://www.MoneyFlowForLife.com | http://www.DanielCassidy.ws
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Sat Apr 01, 2006 7:11 pm |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Re: I Have A Question About Self Employment Taxes |
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quote:
Originally posted by moneyflow
Hello
I have a question about self-employment tax. I am new to taxes, I always had a accountant do them and they were very simple becuase I only had one source of income.
I would like to do my taxes myself for the first time and was wondering about making deductions for my home business expenses. I am also a musician and wanted to deduct expenses from that.
I never looked at a tax form before really and I just wanted to know about claiming income and making deductions.
Two main questions:
1. Do I have register my home business to claim losses by filling out a DBA form.
2. Do I have to make a certain amount of income to claim tax credits and deductions. Do I have to fill out a seperate tax form for each income source or do I add them all together? Ex: My Regular Job, Home Business
Also is this really going to benefit me and get me back more money by trying to claim all this stuff? I would like to try and write off gas, food,..etc..
I know this sounds like a stupid question but I never really learned about this stuff and would like to get into it
Any help would be appreciated.
Regards
Daniel Cassidy
Daniel:
Coaster has given you the majority of the information you need to help you with your business plan. The only thing that should be clarified is that if you start a business under DBA, then you must file for an Employer Identification Number. If you ever received a form from an employer showing the wages you earned for the year (W-2 form), the employer is required to list their EID. This number is XX-XXXXXXX. You must obtain it from the IRS Center in your area. It is normally used to report employee earnings, but can be used to report self-employment income/losses.
JBendar 
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Sun Apr 02, 2006 4:50 am |
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gamcpa
New Poster
Cash: $ 0.40
Posts: 2
Joined: 10 Jul 2006
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| Munneepenee |
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I am new to this forum and I have a question. Why does muneepenee write like an idiot? I was getting sick just trying to read his post. Somebody clue me in.
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Mon Jul 10, 2006 4:33 am |
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forexmaestro
Contributing Member
Cash: $ 7.60
Posts: 37
Joined: 25 Jun 2006
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Thanks for the good tax help, I was wondering some of those same questions myself.
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Tue Jul 11, 2006 5:44 am |
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