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How can I use home biz to increase takehome pay?

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ebonienicole
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How can I use home biz to increase takehome pay?  Reply with quote  

Please help me understand this. I've recently began working with the US Census Bureau. This is the first time I've had earned income (W2) in about two years. I also have a home based travel business, and so I've primarily made a living as a business owner (1099).

I had $67.40 taken from my earnings! I did a little research and found that I can increase my allowances/exemptions because I have a home based business as well (unless I misunderstood?). I'm single and I don't have kids...so my business is the only resource that I may use to increase my take home pay.

The problem is, I don't want to raise my exemptions too high and end up owing money back and I'm not sure how many exemptions I can legally and safely claim.
Post Sat May 15, 2010 7:07 am
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coaster
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Oh, shucks, that's an easy one. Laughing

Try this:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

~Tim~
Post Sat May 15, 2010 4:01 pm
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coaster
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BTW, I just wanted to congratulate you for wanting to keep as much of your income as possible right up front instead of giving it to the government as an interest-free loan until you file your tax return next year and get your "refund."

I just can't fathom people who look forward to a big refund as some sort of "found money" or some sort of unexpected gift from the government when it was their money to start out with. Rolling Eyes

~Tim~
Post Sat May 15, 2010 5:39 pm
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ed2009
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ONline business is not a stable income. I suggest you get a regular job and do online business part time. I believe the Bureau Census job is also temporary. YOu might want to start looking for another one before the later ends.

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Post Sat May 15, 2010 8:11 pm
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CreditCardForum
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Something else to keep in mind that if you do this, make sure your write-offs for your business are allowed. Some people try and get away with milking their side business for all they can by writing off a bunch of things which are not allowed... so just make sure you carefully follow the rules.
Post Sun Sep 26, 2010 8:45 am
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