M4wd&Fabrications

Projects place => Classifieds => Wanted => Topic started by: M4wdFab on February 21, 2014, 04:39:02 PM

Title: Tax / accountant
Post by: M4wdFab 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.

Title: Re: Tax / accountant
Post by: jaysenodell 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.

Title: Re: Tax / accountant
Post by: M4wdFab 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. 

Title: Re: Tax / accountant
Post by: mr.mindless on February 21, 2014, 05:01:56 PM

yup, sure could! used for income generation.

Title: Re: Tax / accountant
Post by: M4wdFab 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

Title: Re: Tax / accountant
Post by: Ryan on February 21, 2014, 05:07:59 PM

If you do that you will need to start a business.

Title: Re: Tax / accountant
Post by: Ryan on February 21, 2014, 05:09:38 PM

Any tax prep person can help. Even h and r block. Just go in.

Title: Re: Tax / accountant
Post by: M4wdFab on February 21, 2014, 05:17:27 PM

"start a business" as opposed to "Profit or Loss From Business  (Sole Proprietorship)"- schedule C?

 

Title: Re: Tax / accountant
Post by: M4wdFab 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

Title: Re: Tax / accountant
Post by: rejeep 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..

Title: Re: Tax / accountant
Post by: Nick 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

Title: Re: Tax / accountant
Post by: rejeep on February 21, 2014, 05:30:22 PM

claiming income on a 1099 is fine.. llc protects you for other issues....

Title: Re: Tax / accountant
Post by: luvmyxj 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

Title: Re: Tax / accountant
Post by: Ryan 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

Title: Re: Tax / accountant
Post by: M4wdFab 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

Title: Re: Tax / accountant
Post by: M4wdFab on February 28, 2014, 01:10:02 PM

Quote from: Off Road Industries 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

I still dont understand this part

Title: Re: Tax / accountant
Post by: M4wdFab on March 06, 2014, 11:47:51 AM

http://racecarbook.com/articles/taxtime.shtml