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I am doing my taxes for my first time, generally my parents have been doing it for me, but I am starting to do it. I filed my tax return and I forgot to sign it. It went back to my home for a signature, and after I reviewed my tax return with my parents, my Father told me about Obama's college education tax return. It is pretty much explained here: http://www.investingblog.org/archives/742/obamas-2500-college-education-tax-credit-explained/ I was wondering, if I want to take advantange of it, will I be able to do it via a tax return done on turbo tax? Or will I need to take extra special steps to do it? I didn't really make an income last year, so I won't be needing to file a big tax return, I won't owe any money. My father thinks that I may get $2,000 or so back from the government, but I can't imagine getting a huge paycheck like that in the mail. Can someone explain this? And to pre-empt any of the obvious questions. I did attend a univeristy last year and paid the tuition, it was up in the tens of thousands.
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May 7, 2011 05:13
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| # ¿ May 6, 2024 06:49 |
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I just want to confirmed that I am hosed becuase I pushed back creating my S-Corp in California and have been working self-employed. Work got so busy that it just got away from me. If I form a S-Corp, let's say today, will I have any chance to credit my past 6 months of self-employed income to my S-Corp or am I just going to get raped on my taxes this year? Income is around ~$80,000 a year. Or should I get an accountant and hope he can work some magic?
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Dec 3, 2013 02:23
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AbbiTheDog posted:There's no magic to work, you can't retroactively "push" income and expense activity to an entity that didn't exist. Thanks
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Dec 4, 2013 23:35
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A quick question on how to reduce taxes for a S-Corp. I own my own business and I formed an S-Corp on January of this year. I get checks from my clients and deposit them into the business account and then write myself a paycheck from the business to myself, there are deductions taken out because I use a payroll system. Now I am noticing that I have to pay medicare as the employer and the employee. I am also noticing a lot of taxes I have to pay on the business side. The % is quite large when I look at how much money in the end I am actually getting. Would I be able to side step things to start using the business account directly to purchase things that are business related? Would this reduce my tax liability or is the tax liability fixed to the gross income of the corp? Or maybe I am right to assume the tax liability is based on how big of a salary I am giving myself? e: State is CAlifornia
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Apr 11, 2014 18:39
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I currently live in a home and I am going to be renting out another spot closer to downtown which will be used as my office. It is a friend house and will be renting out a room in his house. Can I write this off for taxes if I use it as an office? Could I pay the rent via my s-corp? I still plan to use my current address as well as adding this one on.
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Jul 8, 2014 16:23
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| # ¿ May 6, 2024 06:49 |
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ThirdPartyView posted:So long as the room(s) is/are being used solely for business purposes then you can expense it. How do you go by proving that it is being solely used as business and not? I mean what if I throw in the bed in the room and use it to sleep there on occasion when tired from work?
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Jul 9, 2014 05:54
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