- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Tax question as an independent contractor
Posted on 12/28/14 at 2:07 pm to white perch
Posted on 12/28/14 at 2:07 pm to white perch
Max out IRA if you arent already.
If you are paying a CPA and he isnt doing a good job, fire his arse.
No way you should be paying 35% of your income.
Learn to buy shite. Whether you want that to be toys or investments in something like real estate or other business, never just willingly give the government that much money.
If you are paying a CPA and he isnt doing a good job, fire his arse.
No way you should be paying 35% of your income.
Learn to buy shite. Whether you want that to be toys or investments in something like real estate or other business, never just willingly give the government that much money.
2
Posted on 12/29/14 at 8:59 am to Lsujacket66
quote:35% is not an unusually high amount of tax for a self-employed individual, especially one providing personal services. The 25% tax bracket starts at $73,800 for married filing joint. Combine that with approximately 15% self-employment taxes and state income taxes, and it is pretty easy to get to a 35% effective tax rate.
No way you should be paying 35% of your income.
quote:How does this reduce taxes? Expenses are deductible if they are ordinary and necessary. How do you justify the purchase of toys as being ordinary and necessary for business purposes as opposed to personal use? Can you substantiate the business use of your toys? Are you familiar with passive activity rules that would prevent the OP from deducting losses from real estate or other businesses?
Learn to buy shite. Whether you want that to be toys or investments in something like real estate or other business, never just willingly give the government that much money.
Posted on 12/29/14 at 11:12 am to Lsujacket66
quote:
Learn to buy shite. Whether you want that to be toys or investments in something like real estate or other business, never just willingly give the government that much money.
Yeah, this is horrible advice. Not that I would know anything about auditing, but that would be a massive red flag if someone who knew what they were doing was auditing.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News