On Saturday, December 10, 2016 at 5:32:24 PM UTC-5,
Beaver...@live.com wrote:
> On Saturday, December 10, 2016 at 11:57:28 AM UTC-8, ItsJoan NotJoann wrote:
> > On Saturday, December 10, 2016 at 1:40:36 AM UTC-6,
Beaver...@live.com wrote:
> > >
> > > Yikes! I have so many fucken questions about taxes now but not sure if I wanna go that far.
> > >
> > > My income has quadrupled in the past few years so I need to figure out how to pay less and how to figure out what's expenses n stuff.
> > >
> > >
> > Well,if your income has quadrupled then you shouldn't mind paying
> > for someones time who can give you expert advice on how to pay
> > less in taxes. Or you could just file as you've always done and
> > pay Uncle Sam through the nose in taxes and save that money you
> > would have given to an adviser to help you save a bit of moola.
> >
> > A good tax adviser is worth their weight in gold. It's a no
> > brainer.
>
> I still don't know how the hell I did it and it all seems so fleeting so I want to save as much as possible and try to determine exactly what is income and what can be deducted. Like when I walk the mile to the UPS store to send something and back etc.
AFAIK, that kind of thing has never been deductible, for obvious reasons.
And even if you did deduct it, then you'd have to also report it as income
to yourself, negating it.
In 2014 and 2015 I never counted that. As far as I am concerned I am still poor, the rest is either working capital or savings.
>
> I might look into a tax consultant. I can't believe I don't already know any.
>
> December is brutal so far so I might be making less than I initially thought.
>
> I love America! I just wish I would have figured out how easy it is to make money a lot earlier, I would be a millionaire right now.
There are books out there, like JK Lasser, that give some good advice
and guidance, with examples. Also, have you read the IRS publications
that are available? Usually complexity is a function of what you're
doing, ie a business, not so much a function of how much you're making.