I have several deductions from my personal real estate business so I am hoping to break even - what are the odds? I also have two children and own my home.
2007-01-19 00:32:49 · 8 answers · asked by kelly b 1 in Business & Finance ➔ Taxes ➔ United States
you are self employed? oh man, you are in for a treat. (that's taxed at about 33%) figure this, income from you business is taxed at twice the rate. what you would pay as as an employee, and what the business has to pay as a employment tax on you. no amount of deductions that you would be eligible for is going to bail you out.. get a CPA, it cracking on your taxes, and start paying quarterly taxes.
2007-01-19 01:14:10 · answer #1 · answered by Jen 5 · 0⤊ 1⤋
definite he gets a number of those reward yet, its an enormously risky activity and living on a daily basis with the actual danger of somebody taking a shot at you may't be ordinary. individually, there is plenty to be mentioned for anonymity or maybe though he looks comfortable it is basically a front, by way of fact he and his relatives recognize that yet for the secure practices people he may be assassinated with out doubt, like numerous different presidents. BTW the Irish top minister is paid greater suitable than the yank president. Why it is the case is contentious. The Irish inhabitants is approximately 5 million and the U. S. 200 million.
2016-12-16 08:12:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Odds of having enough deductions to wipe out $81K of income are probably bad, although possible.
If you end up owing very much in taxes, you'll also pay interest and penalties for not filing quarterly.
2007-01-19 04:53:21 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
there is zero percent chance, unless you can deduct around $65,000. And the IRS will just laugh at you if you do that.
the fact that you added that last sentence tells me that you know almost nothing about tax law. You need an accountant.
2007-01-19 00:37:22 · answer #4 · answered by Chris P 3 · 0⤊ 1⤋
The odds are not good. That's a lot of income and it would require a VERY large loss from the business to offset it.
2007-01-19 02:07:27 · answer #5 · answered by strawberrycrush 4 · 0⤊ 1⤋
You actually should have probably been paying quarterly estimated taxes depending on your individual scenario.
2007-01-19 00:42:25 · answer #6 · answered by M O 6 · 0⤊ 1⤋
Sorry. The best way I can describe it is ... you're toast.
2007-01-19 00:37:27 · answer #7 · answered by ValleyR 7 · 0⤊ 1⤋
Good Luck!!!!
2007-01-19 00:36:10 · answer #8 · answered by Texan 6 · 2⤊ 1⤋