I am not wanting to make a living. I just want some extra money and more or less a hobby. I was wondering if anyone had any business tips. Also, what percentage of utilities are tax deductible? What other tax deductions are there. What if my deductions are more than earnings? I’m thinking of doing cakes for showers and parties. Any bakery tips would be appreciated as well. Thanks in advance!

Tax return question:Earned 13000 this year in home business Had 34500 in expenses. Based these total deductions and earnings on my return, how much money should I get back when I file my taxes? Serious educated guesses only. Thanks!

I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to solidfy my earnings???

My wife and I are filing jointly. I work in a ‘traditional’ employment scenario – w2, salary, etc. She a musican with a mix of self employment, 1099, and W2 work. As such, she can deduct a musical instrument purchase, expensing it all in one year under section 179. This deduction will exceed her earnings. By filing jointly do we get to apply the deduction to our COMBINED income? My job is unrelated to the music business, though I do help her run her business. I’m hoping that this ‘large’ purchase will offset our combined income and tax liability.

Thanks for reading!

I have done a lot of research on self employment taxes, and have the following information from ehow.com: Instructions
STEP 1: Figure out your net income from self-employment. Net income is typically your total business receipts minus your total business deductions. STEP 2: Multiply your net income from self-employment by 0.9235 (or 92.35 percent). STEP 3: Multiply the amount of your net earnings that is ,200 or less by 0.153 Add your two answers together. This is your self-employment tax. STEP 4: Report your self-employment tax on Schedule SE of the 1040. Tips & Warnings
You can deduct half of your self-employment tax in determining your adjusted gross income. Do this in the Adjustments section of the 1040.

My question is WHERE do I deduct the 1/2 of the self employment tax?

I will be working 40 hours a week at 8$ an hour. How can I figure out how much tax to take out of each pay check?

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

I have a pool cleaning business as a side job. I fill out a Schedule C to report my earnings and deductions. I deduct mileage used for the business (I think its 48 cents/mile). My question is, can I also deduct gasoline expenses as well? What about truck repairs?

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

I have pre-tax medical and retirement taken out but when I calculate out how much of my total gross I take home, the percentages indicate the taxes are being calculated on total earnings, not the total after pre-tax deductions. I thought that was the benefit of pre-tax deductions – you didn’t get taxed on it. If anyone knows of the legal writings for payroll practices, I would like to know, thanks.