2007-03-25 11:39:26 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you had expenses in connection with your income, you might be able to deduct them. Talking to a CPA (NOT someone like H&R Block) would be a good idea - they might have some suggestions on what you can deduct.
If you really don't have much in the way of expenses connected with your income, then you're probably stuck. Make quarterly payments in the future, so you don't owe so much at the end of the year.
2007-03-25 11:46:33 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
As a starting point take a look a federal schedule C - which lists various categories of deductions. - You are in business for yourself. Think about what expenses you have only because you are in business.
Also, as a self employed person, you get a 100% deduction for health insurance premiums on the first page of form 1040, up to the limit of your schedule C income. Also consider opening an IRA or another form of pension account to get a deduction for contributions.
2007-03-25 18:44:13 · answer #2 · answered by Franklin 5 · 0⤊ 0⤋
Are you set up sole proprietor? Cuz you will owe your soul. You should look into setting up a business entity (find an advisor who can help you select the best for you and your needs). There may still be something you can do- check it out.
2007-03-25 18:43:45 · answer #3 · answered by nolimitsladies.com 2 · 0⤊ 2⤋
I urge you to find an experienced tax preparer. It will be the best money you have ever spent. They will know the typical deductions for your occupation.
2007-03-25 18:50:16 · answer #4 · answered by Dan 3 · 0⤊ 1⤋
Bend over and get ready for the the dry one. Sorry but its called the IRS and they love to tax you till your dead.
2007-03-25 19:50:56 · answer #5 · answered by Anonymous · 0⤊ 2⤋
All business-related expenses.
2007-03-25 19:53:49 · answer #6 · answered by smiling_freds_biz_info 6 · 0⤊ 1⤋
the **** if i know
2007-03-25 18:42:43 · answer #7 · answered by Anonymous · 0⤊ 1⤋