First time doing my own taxes with all these writeoffs and i expected to pay some but I'm actually getting money back. Is that happening normally for you all?
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02-12-2013, 12:33 PM #1
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02-12-2013, 02:03 PM #2
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02-12-2013, 04:55 PM #3
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02-12-2013, 06:36 PM #4
Mileage for business purposes? As in driving to the bank, to see business partners, etc (not commute). Did you pay quarterly estimated taxes? I'm thinking that is what I will do once I get going. I'm just familiarizing myself with the process as I'm sure you did about a year ago.
The business expenses are nice in a way because they are right on Schedule C and mean that you pay less in self employment tax. The downside is that it is reducing income. Are you taking any deductions for 401k and health insurance?
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02-13-2013, 08:13 AM #5
I didn't have to pay quarterly this year, but i've been told i will need to for 2013.
I have a part time job at night that I got a W2 for, they pay for my insurance...i don't have to put a penny into it so nothing to deduct. I wrote off liability insurance for training.
Because I have two jobs I can write off the mileage from job to job, just not from the gym and back if thats all I do. If i go to target to get supplies i write the mileage off. If i have to make multiple trips to the gym then I write that off. Just not the main to and from. Thats how HR block instructed me to do it.
Anything that has anything to do with picking up stuff for business, or attending any type of meeting (with an advertising company for example) you can write off. I keep a detailed log in my car of where I went and for what reason.
Even if I get audited and my mileage is off or I write off stuff that maybe I shouldnt i at least have this log to prove that i'm not trying to deceive and beat the system.
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02-13-2013, 08:19 AM #6
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02-14-2013, 08:45 AM #7
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02-15-2013, 12:05 AM #8
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