Anybody know taxes?

[circusfreak6]

Anybody here good with taxes? I just started working with a company that does not take out taxes, i have to pay in at the end of the year and ill get a 1099. I am concerned about next year, what can i write off? I will make about 20-25k next year and I dont want to have to pay the government 5 grand lol. Just wondering if someone knew what i can write off.

[honda250xrider]

tools, gas... some simple things you can write out as long as you have reciepts showing....

[PismoLocal]

Go see a CPA. I have a lot of write offs I can't remember all of them but I write off tuition, any money I spend at school, most of the money I spend on gas, and depreciation on my car because I commute. Save all of your reciepts and/or take your credit/ debit card statements to a CPA and they will figue it out for you. With all of my write offs I am basically taxed like I am below Poverty level.

[Premis]

What kind of work do you do? Basically anything you use for your job or spend because of your job is a write-off. To give you an idea, as a film company I run all my ATV and racing stuff, even motorcycles and jet-skis thru Premis. Also gate fees, cameras, fuel/mileage, trailer, truck and trailer accesories and repairs. Basically anything you can justify as a "business expense" and I use "business expense" very lightly. My dad is a CPA, I think he is on this forum as "beancounter"

I'm a CPA.

You can write off any and all expenses that relate to making this income.

Tools, travel, trade mamgazines.... there's an extensive list.

Definitely familiarize yourself with the mileage deduction.

Hate to tell you, but unless you WANT to become an expert in taxes, you should prolly see a tax expert / CPA.

I've seen TOO MANY people end up owing HUGE tax liabilities at the end of the year, and have no $$$$ to pay it. Remember - you'll be paying your income tax, your FICA tax AND the employers portion of the FICA tax. Total FICA tax is 15.3% of taxable income, PLUS your effective tax rate.

If you really wanna go it alone, get Turbo Tax - the computer based tax prep software. Its pretty good, and will give you an idea of what's decutible.

Also, get Schedule C - that the form you'll be filing for self employment income. It'll give you a good idea of what's deductible.

Best guess? Figure your tax liability will be 20-25% of your gross income.

Good luck.