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Taxes Question [USA]

Discussion in 'Business & Tax Advice' started by TheKingGeek, Feb 4, 2014.

  1. TheKingGeek

    TheKingGeek Senior Member

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    Do I have to report my taxes as I get pay or can I wait to the end of the year and report everything when doing my taxes? Also if for example I make $10k during the year but spent $5k+ for SEO, designs etc, those goes as expenses right?, Thanks in advance.
     
  2. BHopkins

    BHopkins Moderator Staff Member Moderator Jr. VIP

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    Typically you can wait until the end of the year. Depending on your income you might have to pay quarterly installments, but for the numbers you mentioned, that's unlikely.

    If you spent $5000 on your business you can usually deduct that amount as expenses and pay taxes on the remaining profit. Not all expenses qualify, but most do.

    I'm not an accountant so take this as free advice, not legal or tax advice.
     
  3. boccas323

    boccas323 Newbie

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    Go to an accountant and save your self the trouble! Not all expense might qualify and are tax deductible.
     
  4. stefanpylarinos

    stefanpylarinos Newbie

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    Wait until the end of the year if you have a business set up.