Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-17-2007, 12:19 PM
Junior Member
 
Join Date: Jan 2007
Posts: 4
Self Employment Tax

Dear TaxGuru,

I am self-employed and my CPA says I owe a lot of taxes on my Dry cleaning business. Is there a way to avoid paying these SE Taxes, and can you suggest some ideas I can save some taxes.

Tks...



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-18-2007, 12:19 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Dear Majid,

Unfortunately, the IRS has no way to withhold your taxes when you are self-employed, so the IRS attempts to collect the Social Security taxes through self employment or SE taxes.

Majid, the way to save money in taxes, is to keep accurate records of your busines expenses. Hire a CPA or accountant to maintain excellant financial statements so at tax time, you will have accurate expenses to claim against the income earned from your Dry Cleaning business. Remember you can capitalize and depreciate the start up expenses and you can claim Section 179 deduction on all new equipment that you bought.

Hopefully, you avoid paying substantial taxes after taking these deductions.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-23-2015, 04:21 AM
Junior Member
 
Join Date: Mar 2015
Posts: 6
Second biggest

The second biggest expense for homeowners, after the mortgage, is usually property taxes.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.