legsdiamond Member since May 05th 2011 79594 posts
Thu Oct-01-15 10:04 AM
1. "I'm no expert but if you made 60K before taxes it deducts 3K " In response to Reply # 0
from your income before it's taxed.
you aren't getting a free computer tho... but it helps.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
2. "3k less taxable income" In response to Reply # 0
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
legsdiamond Member since May 05th 2011 79594 posts
Thu Oct-01-15 10:16 AM
4. "you should always try to reduce as much as possible. " In response to Reply # 3
Anytime you eat out and discuss business... Cable, internet, etc..
we write all that shit off.
but I think you can only go 3 years without showing a profit or they call your biz a hobby.
I'm just typing tho... so you should prolly talk to someone with a legit business.
my wife has 1099's so we are aggressive.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
5. "lol i didn't know that." In response to Reply # 4
>but I think you can only go 3 years without showing a profit or they call your biz a hobby.
I'm picturing Kanye reacting to Uncle Sam telling him that he ain't making no money so this music stuff is a hobby.
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
The Internal Revenue Service allows you to take a tax deduction for legitimate losses incurred in the operation of your business. However, if your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
7. "thanks...two questions..." In response to Reply # 6
>35% x 3000 = $1050 tax savings at most
What does that 35% correspond to? Income bracket I'm assuming....if yes; where do you get THAT number from? I've never understood that. Always just let my tax software figure it out for me....
>Probably can't simply treat it as a one time expense though. > >It will be an asset that will be depreciated over time. So you >would split those tax savings up over a few year.
This is how we do the assets in our rental property. But through my Googling, I read some blurb saying that computers were treated differently and could be claimed in one hit. (the biz in questions is separate from the rental, we don't classify the rental as a business, it's just rental property)
>I'm not an accountant though, so I'm pretty much talking out >of my ass lol
8. "tax brackets...the highest is 39% for over 400k i believe." In response to Reply # 7
i think 35% is just at or around 400k
>>35% x 3000 = $1050 tax savings at most > >What does that 35% correspond to? Income bracket I'm >assuming....if yes; where do you get THAT number from? I've >never understood that. Always just let my tax software figure >it out for me....
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
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