I am a self-employed artist. My accountant has just dropped the bomb on me that I owe the IRS $2,500 this year. Is there ANYTHING anyone might know, any little secret about a deduction I might have missed? (besides your normal expenses and mileage)
2007-03-31 14:36:07 · 10 answers · asked by daisy_crazy32 2 in Business & Finance ➔ Taxes ➔ United States
Generally, unless you made estimated payments during the year, self-employed people are going to owe every year because there is no withholding to refund. When a wage earner gets a refund, they are only getting their own money back.
2007-04-01 02:30:04 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
Just look at every deduction line description on Schedule C. There are no secrets. Each deduction has to go on a designated line.
2007-03-31 22:02:57 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋
Charitable donations can be deducted.
Since you're an artist, maybe you gave some of your art work to a non-profit organization? Maybe they sold it or auctioned it off to raise some money?
If not, keep it in mind for 2007!
2007-03-31 21:40:08 · answer #3 · answered by Nina 5 · 0⤊ 2⤋
Did you take any classes? You could get a credit back for some of those.
Do you have any business assets? Depreciate them. I own rental property and get all my rental income tax free due to depreciation (though I'll take a tax hit when I sell.)
2007-03-31 21:39:47 · answer #4 · answered by Vegan 7 · 1⤊ 0⤋
^you has to sit down and go over all expenses that you incurred doing this business, med expenses, may u used babysitting but good thing is look assistant a H&R expert, good strastegic is to callect all bills ^
2007-03-31 21:43:08 · answer #5 · answered by The GOD Vision 4 · 0⤊ 0⤋
Did he deduct for your studio space? Your tools, supplies, advertising expense, classes that you took?
2007-03-31 21:39:30 · answer #6 · answered by CJ 2 · 1⤊ 0⤋
did you deduct the cost of your paint/paintbrush/canvas?
must have been a good year,,
2007-03-31 21:38:59 · answer #7 · answered by Jo Blo 6 · 1⤊ 0⤋
YOu interenet account is deductible because you advertise on it (via your myspcae or whatever page.)
2007-03-31 21:38:55 · answer #8 · answered by brown one 2 · 1⤊ 2⤋
IF you're not sure, get a new accountant.
2007-03-31 21:43:56 · answer #9 · answered by Slappy 3 · 1⤊ 0⤋
your mortgage interest?
2007-03-31 21:41:45 · answer #10 · answered by paula c 1 · 0⤊ 0⤋