US Taxes from Individual (LOBO NEEDS YOUR HELP)

[LoboRsxS]

Alright so I started pushing WH through a network during october and Have spent $3k~ in advertising a month and usually make like 2k net. I do not have an LLC or anything and have my ein as the tax ID shit.

THE QUESTION IS. The $3k I spend monthly would I get money back since it's a business expense or would I need LLC first then count it as business. Also any good companies to do taxes with like H&R Block or w/e?

BTW here is my situation if it counts towards taxes:
I'm 19 almost 20.
I'm a student in another state but my insurance is still under my rents like car,dental,health, etc.
just incase it makes a difference with anything

Pweeeeze I want to finish my 09 taxes by this month! +rep and thanks to whoever helps me with this issue.

 

[theWombat]

you dont need an llc.. that will be considered a non-reimbursed business expense, and deducted from your gross receipts (1099 income) leaving you with your adjusted gross income..

 

[LoboRsxS]

you dont need an llc.. that will be considered a non-reimbursed business expense, and deducted from your gross receipts (1099 income) leaving you with your adjusted gross income..

thanks. should i go to h&r block for that?

 

[lost_tribe]

turbo tax

 

[LoboRsxS]

turbo tax

yea but i want to claim money i spent for business and i have another little dilemma

 

[lost_tribe]

Lobo's turbo tax lets you claim deductions, and also tells you how many % of whatever ur claiming is deductable. You can get a free trial from the site, or go hit up a torrent.

If you really dont wanna deal with it, you can always go to H&R block but they've been known to mess up pplz paperwork

 

[supamanjon]

HNR is so dumb....way 2 much $$ for what they do

 

[onelifewunlove87]

I know a few people that do taxes for co. like H&R block and I dont think they even know what LLC stands for. Handle it yourself learning this stuff will only help you down the road.

 

[bmac]

Turbo taxes is a good option and it will find most if not all the deductions that H&R block will if you take the time to use it right. You will only be taxed on net income of the business no matter if you have a LLC or not. In fact if you are not a LLC you can write off part of your house payment, electric, ect. if you are home based but only the percentage that is used for the office. Meaning if your office is only 10% of your homes sq footage you can only write off 10%.

Many of the tax programs will do this for you including Turbo Tax.

 

[james2323]

get a tax ATTORNEY. expensive, always worth it. they live in the grey area. come over, there's plenty of room.

 

[gellegbs]

Doing your own taxes isn't very hard. You can call H&R block up for free advice if there is something you really don't understand, but deductions are simple. Just make sure you save bank statements and receipts of all your deductions in case of future audits. Don't pay for your taxes to get done at places like H&R block unless you have some really confusing stuff (inheritance, kids, etc.). Sometimes there are booklets with the tax forms, these are very helpful.

You mentioned you are 19. If you are a student and pay for your own costs (school, books, etc.) this can be used as a deduction also...

 

[markyr17]

Turbo Tax gets my vote

You can find a free copy of it on torrent sites, by the way

 

[Griller]

While I wouldn't recommend going to a place like H&R, there are some good CPAs in pretty much any town that will charge maybe a little more than H&R would, but are world's better than they could ever be. That's what I use at least.

 

[ebby895]

Azoogle emailed me and they said they lost my W-9 and now they want me to send it again. What happens if they don't get my W-9 on time or not get it at all? Is it best not to get a 1099???

 

[Bradm]

Azoogle emailed me and they said they lost my W-9 and now they want me to send it again. What happens if they don't get my W-9 on time or not get it at all? Is it best not to get a 1099???

Save the e-mail as proof that it is not your fault!

 

[gellegbs]

Azoogle emailed me and they said they lost my W-9 and now they want me to send it again. What happens if they don't get my W-9 on time or not get it at all? Is it best not to get a 1099???

Just get another form and resend it, this time I would make a copy and mail the form certified; that's the only proof that would hold up if proof would be neccessary.

It's not a big deal if you file taxes after April 15th...You actually can file for more than one year at a time. The IRS isn't going to be breathing down your neck yet, lol. I have filed after the 15th and I still got my refund. There is a way to request more time, I think the period of extension is 60 days..I forget. Remember if you have any questions the IRS will answer them for free, you just have to hang on the line forever.

 

[dnreg]

Just get another form and resend it, this time I would make a copy and mail the form certified; that's the only proof that would hold up if proof would be neccessary.

It's not a big deal if you file taxes after April 15th...You actually can file for more than one year at a time. The IRS isn't going to be breathing down your neck yet, lol. I have filed after the 15th and I still got my refund. There is a way to request more time, I think the period of extension is 60 days..I forget. Remember if you have any questions the IRS will answer them for free, you just have to hang on the line forever.

You should preface what you're saying with "IANA[x]" because your information is slightly incorrect.

Now, IANAA, but:

It is indeed a big deal if you file after the 15th, even if they owe you money. If you're involved in a multiple member LLC it's even worse, as you'll be charged $150/month *per member* when you're late, plus interest and penalties if you owe them money.

The extension he's speaking of is a misunderstanding, sort of. You can request an extension for filing your taxes, but you still have to pay them by April 15. Let me clear that up: you can request an extension for filing -- that is, turning in all your forms -- but not an extension for paying if you end up owing taxes, which you will if you are self-employed and haven't done a 1040 SE period tax payment throughout the year. Your money is due April 15 one way or the other, but you could under- or over-pay, which you will find out when you finish sorting out your papers.

Now there are hardship extensions you can request, but this is much much more difficult and you have to prove you really indeed have a hardship (like someone died and all your money is spent on stuff, so you need a few months to get the money up you owe). You'll still be paying interest on the money you owe, but you won't accrue the same penalties. The extension is until October 15 if I remember correctly, but I cba to google it so feel free to correct me if I'm wrong.