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need TAX advice. I made a lil over 20k last year

Discussion in 'Business & Tax Advice' started by sapo, Jan 26, 2013.

  1. sapo

    sapo Power Member

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    okay i made a lil over 20K last year and I didn't pay taxes on none of it all from IM, different cpanetworks and I have kept no receipts on any of my purchases i made for my home office, expenses etc etc. (I know dumb)

    I am single, no dependents, live in the U.S.,

    How should I go about doing my taxes and what am I looking at if you can ballpark it on how much am I going to have to pay?


    I know I should have been proactive and planned ahead kept receipts and maybe formed a llc but all that is a lil intimidating, i have no mentor to guide me in the right way in this department or anything, so any future advice or links to thread I should look at will be greatly appreciated.

    Thanks
    Sapo
     
  2. carlikito

    carlikito Regular Member

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  3. Furious George

    Furious George Supreme Member Premium Member

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    You need to talk to an accountant. Get a qualified professional to help you.

    Do you have another full time job?

    20k isn't that much money.... if it's all taxable, I'd say 30% or so will go to the IRS. (assuming you have another full time job, but really there is no way to tell)

    Setting up an llc doesn't help you lower your tax bill.

    Getting the help of a professional will help you find write offs you didn't think about. Like, did you ever drive to the post office to drop of paperwork for a cpa network? (or something) Did you buy a new computer that you use solely for IM? Do you have a space at home you use solely for IM?

    HRblock can only go so far... talk to a CPA.
     
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  4. carlikito

    carlikito Regular Member

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    Also check this page that will give you an idea as to what deductions you may claim, Sometimes receipts are not really needed for some deductions.
    hope that helps.

    Code:
    http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses
     
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