Hi,
I have a business that well almost always comes out to even, or I end up being negative.
The reason for this is because I always try new things, and well honestly I guess my business is kind of can be considered a hobby because I never make any money.
Anyway, this past year. One of the crazy things I did was buy a truck load of inventory that of course I was not able to sell later. I can easily show that I purchased like um 6k in inventory, and I can also show about 3k in general business cost. However I only brought in like 3k of sales this year. So anyway, what I am wondering is like this year I made about 60k at my regular job, and was taxed at a 25% rate, not including state tax and all the rest. What I need to know is, like when I am negative on my business can that loss flow over as a deduction to the employment part of my taxes so I can get more money back?
Sorry for the confusing story, and insight would be appreciated. In layman’s terms please
Well actually it’s not a hobby I am a freelance graphic designer. Sometimes I love it sometimes I hate it. But I keep working, but I am the type of person that just keeps investing in my business, and well in the end of the year it ends up being a wash. So I was just hoping that the irs doesnt consider it a hobby.

I want to claim 7 allowances, my payroll manager said that was an awful lot. She would not offer any "adivse" or help to determine the number. So am I crazy? Perhaps someone out here can help me out…

I am filing jointly.
I make 000 with 00 annual bonus
My wife makes 000 with no regular bonus
No significant dividends, interest, etc.

Itemized Deductions:
000 Total Mortgage Interest for the year
00 Property Tax
0 Ad Volerum Tax (My State’s "Birthday" Tax)
00 State Tax
0 Charity
0 Car Loan Interest (does this even qualify?)
00 Business Mileage (this was reimbursed, do I still use it?)
00 Health Insurance (this may be pre-taxed?)
50 My 401K contribution (this may be pre-taxed?)
50 My Wife’s 401K contribution (again might be pre-taxed?)
No Children

I am guessing whatever the magic number is that I would do that only one W4, and would claim 0 on the other form…
In response to the third reply:

I was under the impression that deductions were most definitely revelant to Allowances you would claim. Is this not true? Isn’t the point to claim enough allowances so that you are very close to what you actually owe at the end of the year after deductions and credits.

Also, I was about 99% sure the Car Loan, Mileage, 401K, and Health Insurance did not qualify. I just wanted to check.

Gary Benton’s gross weekly salary is 1.00. His weekly federal withholding is .18. The Social Security tax is 6.2 percent of the first ,000.00. The Medicare tax is 1.45 percent of gross pay. The state tax is 1.5 percent of gross pay. Each week he pays .40 for medical insurance. What is Gary’s total deduction?

How do i figure this problem out.

Charlene Langhorst’s gross weekly salary is 0. Her federal withholding is 1.62. The Social Security tax is 6.2 percent of the first ,000. The Medicare tax is 1.45 percent of gross pay. The state tax is 1.5 percent of gross pay. Each week she pays .40 for medical insurance. What are her total deductions?

Thank you

We’re both willing to do what’s best. He has his own business in HI & bought a house there. I’m also self employed & have a house in CA. He makes about ,000. I make about ,000. If we file joint federal, can we both write off our property tax for our houses and itemize all deductions for our separate businesses or will they only allow a percentage of it to be written off?What is the best thing to do?What about State tax? We obviously have to file separate because he lives in HI & I in CA right? Can we file joint federal and separate state?HELP.

I just received a state tax audit letter regarding my business expense deduction – graduate tuition which I followed the instruction from Turbo Tax. If it is a mistake, I wouldn’t mind to pay up the difference I owe. My question is that if I need a tax professional to help me go through the process, is it somethings I should be panic about? Any advice would be greatly appreciated.

Thanks all.

I have an online business,in my state all I need is a EIN # and state tax permit.Can I claim expenses on my taxes? Do I have to bring in a certain amount?
Can I write off things I purchased for business????

I was employed by a company who has its payroll for south carolina come from florida so for a while there was no state tax deducted then it got deducted for rest of time. So who is liable to pay what never got deducted??

state tax

For people who bought cars and 2010 and with tax season just around the corner, should be aware that buying a new car (not used), light truck, trailer or motorcycle, which had a gross weight rating of less than 8,500 pounds, and payment status and local sales and the specific excise duty, you may be eligible for a special deduction for submitting their 2009 tax returns.

Explanation how this deduction may Fact This deduction can be taken irrespective of whether or not you detail the deductions on your statement of income.

Purchases made before 1 January 2010, will benefit from this deduction in the American Recovery and Reinvestment Act 2009. A qualified motor vehicle includes some passenger truck, light or motorcycle, the original use of which begins with the buyer, and has a gross vehicle weight of 8500 pounds or less. Purchases must occur after February 16, 2009 and before January 1, 2010.

This deduction is limited to sales taxes and excise taxes and fees paid for a similar vehicle at a maximum $ 49,500 purchase price of a new vehicle. Deduction is reduced for joint filers with modified adjusted gross income (MAGI) of $ 250,000 to $ 260,000 and other taxpayers with MAGI ranges from $ 125,000 to $ 135,000. Unfortunately, if the income is higher than what is said above, then you will not qualify.

There is some good news, the deduction is available if you detail the deductions on your tax return. If you can not spell, you can add this supplement to the standard deduction on 2009 tax return. In addition, using this special deduction, you must file Form 1040 or 1040A form. Unavailable for people who use Form 1040EZ.

If you used regularly since that date should 1040EZ [Council Tax] consider the use and presentation of Form 1040 or Form 1040A, instead of 1040EZ form for the benefit of this deduction.

To learn more about filing your taxes early in January 2010 and special 1040EZ program, please visit http://www.sl-cpa.net/form1040taxes.php and register in our secured portal for the 2009 tax season and you will lock into our special pre tax season 1040EZ price, a monthly tax and accounting newsletter and over 50 financial web based calculators at no additional charge.

Sandor Lenner, CPA/MBA has over 35 years of accounting experience and is also a Certified QuickBooks ProAdvisor. He works part-time with Susan Missal Lenner, P.A. http://www.sl-cpa.net

I lost and forgot to pay my Michigan State Income Tax? What to do?

I am an Indian citizen. I've been forgotten pay my income tax for 2002 and lost state tax filed in 1999-2001. What to do? For federal forms I learned that you can fill form 4506T to request old transcripts. Now, what to do for Michigan state forms. What form must be completed to request old transcripts and which form is required to file a tax return for 2002. Thank you very much.

Try to contact the Michigan Department of Treasury: http://www.michigan.gov/treasury. Must be able to help you.

The State of Your Money: Sitting on Tax Dollars