I dont file like most people i have all of the forms but i was just wondering if there are any deductions to help cause i am self employed and i dont pay taxes all year until the end and i made too much to file earned income credit
ERICA
2007-03-01 12:33:39 · 5 answers · asked by ericamandella 1 in Business & Finance ➔ Taxes ➔ United States
If you pay for your own health insurance you could deduct this 100% on the face of your Form 1040 as an adjustment to income (not as an itemized deduction on Schedule A).
Also you should seriously consider a SEP or IRA if you dont already have one. You could get a nice tax deduction with a SEP plan. It would decrease your tax liability, and you'd be saving for your retirement.
Here are some more business expenses you may be entitled to.
http://www.irs.gov/businesses/small/article/0,,id=109807,00.html
You may be subject to penalties if you're supposed to be paying in estimated taxes throughout the year instead of at the end.
2007-03-01 12:46:36 · answer #1 · answered by tma 6 · 0⤊ 0⤋
You probably shouldn't file your own taxes then. If your tax situation is too complicated, or you really need those deductions, the best person to go to would be a licensed CPA. That way, you can ensure they're done right, and they'll find as many possible credits to help you out.
2007-03-01 12:37:44 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Some deductions people miss are:
Business trips where you use your own vehicle and were never reimbursed the mileage.
Travel mileage if you volunteer anywhere.
Moving expenses.
If you looked for a new job at all - the expenses that went along with that.
2007-03-01 12:38:25 · answer #3 · answered by Misty Eyes 6 · 0⤊ 1⤋
Good luck mate i hate filling in those forms.
2007-03-01 12:36:50 · answer #4 · answered by theemadmonkey 4 · 0⤊ 1⤋
H&R Block. Enough said.
2007-03-01 12:36:39 · answer #5 · answered by Speedy 6 · 0⤊ 1⤋