« previous next »
Pages: [1] 2   Go Down

Author Topic: Tax / accountant  (Read 1460 times)

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Tax / accountant
« on: February 21, 2014, 04:39:02 PM »
I would like to pay some one 300$ or less to educate me on how do this right. I have to report as a schedule C aussie locker income, but does that mean i should have send a 1099 to my landlord because i have payed here more than 600$ for rent, bah!  thats not going to go over well haha.
Report to moderator   Logged

jaysenodell

  • Hero Member
  • *****
  • Posts: 1311
  • Karma: +0/-1
Re: Tax / accountant
« Reply #1 on: February 21, 2014, 04:50:48 PM »
Difference is you are being paid for labor while land lord is paid for building. I don't think most accountants would give you all the details. IRS help line would. They were always helpful to me.
Report to moderator   Logged
Mid Life Crisis in the making -- '02 TJ i4 manual, Aussie Locker magic pulling from the front

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Re: Tax / accountant
« Reply #2 on: February 21, 2014, 04:55:22 PM »
looks like my shop rent, and half of my apartment rent (lower storage area) could be applied.  thats crazy. 
Report to moderator   Logged

mr.mindless

  • Administrator
  • Hero Member
  • *****
  • Posts: 15397
  • Karma: +2/-16
Re: Tax / accountant
« Reply #3 on: February 21, 2014, 05:01:56 PM »
yup, sure could! used for income generation.
Report to moderator   Logged
Quote from: etk300ex
oh lord!

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Re: Tax / accountant
« Reply #4 on: February 21, 2014, 05:07:09 PM »
depreciating my 2400$ automotive lift over 7 years at 75% business usage gives me 700$ this year.



ya i think i need some help.  bah
Report to moderator   Logged

Ryan

  • M4wd Vendor
  • Hero Member
  • *****
  • Posts: 3803
  • Karma: +3/-3
  • Superstar
    • Lifetime LED
Re: Tax / accountant
« Reply #5 on: February 21, 2014, 05:07:59 PM »
If you do that you will need to start a business.
Report to moderator   Logged

Ryan

  • M4wd Vendor
  • Hero Member
  • *****
  • Posts: 3803
  • Karma: +3/-3
  • Superstar
    • Lifetime LED
Re: Tax / accountant
« Reply #6 on: February 21, 2014, 05:09:38 PM »
Any tax prep person can help. Even h and r block. Just go in.
Report to moderator   Logged

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Re: Tax / accountant
« Reply #7 on: February 21, 2014, 05:17:27 PM »
"start a business" as opposed to "Profit or Loss From Business  (Sole Proprietorship)"- schedule C?

 
Report to moderator   Logged

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Re: Tax / accountant
« Reply #8 on: February 21, 2014, 05:20:14 PM »
I think ill get some help- i think with my situation i have enough legit things coming in it could be advantageous tax wise
Report to moderator   Logged

rejeep

  • M4wd Vendor
  • Hero Member
  • *****
  • Posts: 6188
  • Karma: +1/-0
Re: Tax / accountant
« Reply #9 on: February 21, 2014, 05:24:24 PM »
i have a complicated return with various lines of income, donations, and other issues...
i pay 350 for tax prep.. well worth it..
Report to moderator   Logged
I never wanted a red car.. always thought they were tacky and common...
I now have 4 very not common cars and they are all red.. :o

Nick

  • Hero Member
  • *****
  • Posts: 1386
  • Karma: +2/-11
Re: Tax / accountant
« Reply #10 on: February 21, 2014, 05:24:51 PM »
I would create a LLC if you are going to try to be legit. It cost like $400 and not much effort at all and then you have it
Report to moderator   Logged

rejeep

  • M4wd Vendor
  • Hero Member
  • *****
  • Posts: 6188
  • Karma: +1/-0
Re: Tax / accountant
« Reply #11 on: February 21, 2014, 05:30:22 PM »
claiming income on a 1099 is fine.. llc protects you for other issues....
Report to moderator   Logged
I never wanted a red car.. always thought they were tacky and common...
I now have 4 very not common cars and they are all red.. :o

luvmyxj

  • Paying Customer
  • Hero Member
  • *
  • Posts: 1644
  • Karma: +0/-1
Re: Tax / accountant
« Reply #12 on: February 21, 2014, 06:01:38 PM »
i would talk to a pro, im pretty sure you cant apply both shops, only one or the other. i know with me if i had a seperate rental space i couldnt claim that + the deductible for home office, garage usage
Report to moderator   Logged

Ryan

  • M4wd Vendor
  • Hero Member
  • *****
  • Posts: 3803
  • Karma: +3/-3
  • Superstar
    • Lifetime LED
Re: Tax / accountant
« Reply #13 on: February 21, 2014, 07:58:08 PM »
You should read this, http://www.tax.ny.gov/pdf/tg_bulletins/sales/b12_40s.pdf 

Sales tax is no joke in NYS

Report to moderator   Logged

M4wdFab

  • Administrator
  • Hero Member
  • *****
  • Posts: 22514
  • Karma: +11/-22
Re: Tax / accountant
« Reply #14 on: February 27, 2014, 04:03:16 PM »
read more-  did it my self conservativly.

applied 500miles of business use to the jeep
applied 100sq' of rented home space
Report to moderator   Logged
Pages: [1] 2   Go Up
« previous next »