Me & my friend had this discussion regarding work related deductions. He said even though his employer pays him for mileage, that he can still claim those same miles as a deduction, his car insurance, car repairs, and gas! Is that correct. My understanding was as long as your employer reimbursed you for mileage it was also to cover repairs, wear & tear etc.
I am currently working an Independent Contractor at an agency for my Art Direction services. This is my main source of income. Additionally, from time to time I do graphic and video work. Now I am considering diving into Event Production as a new opportunity has come to me.
My main goal is to maximize my tax deductions as last year I paid 30% off my income. I filed as self-employed. I know the answer is incorporating but not sure as to which type of Corporation will allow me to deduct the most (equipment, furniture, car, insurance, food, travel, hiring other independent contractors, etc – can’t think of any thing else). This is money that is currently getting out of my pocket – after taxes -. Any recommendation or past experiences?
Just a side note.
As an Independent Contractor my car expenses were only $ .44 cents per mile. Apparently, if incorporate more is deducted (car payment, gas, insurance oil change, etc).
Last year I was able to tax a ,000 tax deduction for interest, principle, and insurance on my taxes and received a decent tax credit. I am renting my property out and will incure a loss of about 0 per month and a depreciation amount of 0 per month for a total of ,800 for the year. Will my tax credit be better or worse? I am ignorant as to how the regular deductions are taken vs. a loss of income? Thanks for the help!
hi everyone whos smarter than me in the tax world …
i file a 10-99 form- i make a very low income (roughly 15,000 give or take 1000)
i have a few small easy questions for the tax intelligentsia …
1. with this low of an income do i need to file?
2. is my gross income determined before my deductions or after?
3. does my employer report my income quarterly or only once at the end of the year?
thanks if any one can help it would be really awesome ..
thanks a lot .. from a poor broken natural american who’s physically suffering with no insurance while eating preservatives and artificial colors … on a borrowed computer and my neighbors unlock wireless connection ………i would like to think our amazing government for that …
and also a little side note …. where is there a written law that says we have to pay taxes to the IRS anyway??? im just sayin .. i may not know about tax rules but i never read a written law that states … we as citizens of a USA have to pay…
i had two vehicles stolen since January 2007(i know, right?!) one was even a carjacking robbery (cash jewelry medical bills). Both auto were fairly new and paid off..
Of course i was hosed by the impound and Farmers. OUT THOUSANDS!!! my insurance has even tripled
anyway to get any of this not to be a total loss? maybe the taxes i paid on vehicles or etc.??? thanks n God Bless
As an insurance CSR, every year several insureds ask me for their expenses on home insurance and auto insurance policies. Yes, not commercial auto or commercial property, but personal-sounding expenses. Is there an itemized deduction for this stuff that I’m just not thinking of, or is there probably a vehicle being used for business, and a home office or investment property concerned?
got no insurance. spent about 2500 $ on medical bills this year, and was told i could use it as a tax deduction, in USA. any idea on how to do that.
Hi,
These Are My Salary Details
Basic:7000
Attendence Allowance:1500
shift allowance:6500
So Total Is 15000
My Company is deducting 1122 as TDS,Even after i submitted house rental agreement and Health Insurance Certificate.
Does the company has the rights to deduct TDS even after i submitted the documents. And how to claim Tax Deductions.
Please Help
Kindly break down the expenses like
1-apartment rent
2-Accommodation running cost like electricity/ air conditioning…etc.
3-food
4-income tax
5-Insurance
6-Transportation.
7-Other expenses
Please add any other expenses might not mention above.
Thank you in advance for your cooperations.
Regards
bond
Question for those out there who are experts on payroll deductions: Deductions taken from my paycheck for medical, dental insurance, long-time disability, life insurance, etc…do all companies deduct this money from bi-weekly paychecks on a pre-tax basis or are there employers who do it on a post-tax basis? I have a full-time job as an engineer on a fortune-500 company. Thank you