So it's tax time, right? I am sure all of you keeners already got your taxes done and are reaping the rewards of a fat cheque.
I was afraid to do my taxes because I knew that I was going to be paying out my ass.
Well, I did a quick online thing and low and behold 2200 I have to pay them. I started crying and thought my life was over.
Then my mom calmly said, let's me take you stuff to a pro. She took it there and now I only have to pay 119. Which is fair in my book, not paying tax on a lot of the earnings in 2005 because it's all scholarship type money.
Apr-27-2006 19:42
jon jon
viva la clubland
Registered: Jan 2001
Location: Footwork
lol, amateur
Two lessons to be learnt here:
(1) go to a pro for taxes
(2) ask mom first (fuck)
Even better, marry a forigner... I got 3000 back two years in a row. Now he's got his work permit and can fend for himself. My taxes will suffer next year.
___________________
"WEMF is...." and I can't remember the rest because I didn't write it down.
- Blackness at WEMF 2007
Apr-27-2006 19:45
StereoPrincess
sassy one-piece
Registered: May 2001
Location: SPFRI
quote:
Originally posted by jon jon
lol, amateur
Two lessons to be learnt here:
(1) go to a pro for taxes
(2) ask mom first (fuck)
well, #2 is always a given. i dunno why i don't ask her about more stuff.
Registered: Feb 2003
Location: LA and still a little bit of Toronto
create a business and put all of your earnings into it. I counted a huge amount as a capital loss against a business. yeah it costs 60 bucks in Ontario to register a business but thats really not that much when you think about how you can now claim part of your rent as office space if you have a desk area there somewhere and meals are 50% deductable as long as they are work related. (wendy's meals only ended up costing me like 2.50$) Gotta be careful to do it by the book and document everything but in the end it can really pay off.
I still ended up paying out my ass for various stock options that were cashed in over the year though.
___________________
Dave (aka: Upgrade- live pa)
quote:
Originally posted by Lightshow
i wear sunglasses for the same reason everybody wears them in a club. 1: people look cool in sunglasses
2: it gets awefully bright as the night progresses
*nusty does not wear sunglasses at night, they make it hard to see and you could trip
Apr-27-2006 19:52
muzzybear
Berd is the Werd
Registered: Dec 2002
Location: Werd to the Berd
quote:
Originally posted by nusty
create a business and put all of your earnings into it. I counted a huge amount as a capital loss against a business. yeah it costs 60 bucks in Ontario to register a business but thats really not that much when you think about how you can now claim part of your rent as office space if you have a desk area there somewhere and meals are 50% deductable as long as they are work related. (wendy's meals only ended up costing me like 2.50$) Gotta be careful to do it by the book and document everything but in the end it can really pay off.
I still ended up paying out my ass for various stock options that were cashed in over the year though.
If you're your own employee, and you work in "enterainment" (club promotion, media whatever!), you can write off gas (keep the receipts and estimate the kms for "transportation"), if you go to movies or pick up rentals - then they're "research" - clothes and hair as "supplies". I worked freelance for 4 years... mint!
___________________
"WEMF is...." and I can't remember the rest because I didn't write it down.
- Blackness at WEMF 2007
Apr-27-2006 20:17
Jem_hadar
I remember...
Registered: Nov 2003
Location: Pandora (South of Nowhere)
Its great being an accountant
Pers taxes done for free using the best professional tax software out there - ProFile!
Jem
___________________
TECHNO IS THE BEST NOISE ON EARTH.
Save Techno - Stop Minimal / Tech-House
Apr-27-2006 20:22
nusty
Congrats Andrew/ Hillary!
Registered: Feb 2003
Location: LA and still a little bit of Toronto
quote:
Originally posted by muzzybear
If you're your own employee, and you work in "enterainment" (club promotion, media whatever!), you can write off gas (keep the receipts and estimate the kms for "transportation"), if you go to movies or pick up rentals - then they're "research" - clothes and hair as "supplies". I worked freelance for 4 years... mint!
yeah I claimed a huge chunk of my gas and car maintence as well. It's amazing what constitutes networking for work purposes these days.
For all you bedroom (and other) dj's, you could register a entertainment company to your name and then claim party tickets, transportation to and from venues and in some cases even drinks as business expeneses as long as you actually discused some business related function every time. You could even likely write off a portion of you turntables and records.
As long as you can find someone to pay you even 50 bucks by the end of year it counts as a company.
___________________
Dave (aka: Upgrade- live pa)
quote:
Originally posted by Lightshow
i wear sunglasses for the same reason everybody wears them in a club. 1: people look cool in sunglasses
2: it gets awefully bright as the night progresses
*nusty does not wear sunglasses at night, they make it hard to see and you could trip
Apr-27-2006 20:23
Jem_hadar
I remember...
Registered: Nov 2003
Location: Pandora (South of Nowhere)
quote:
Originally posted by nusty
yeah I claimed a huge chunk of my gas and car maintence as well. It's amazing what constitutes networking for work purposes these days.
being self-employed allows you to claim a great deal as business expenses (well, you gotta prorate your business portion *hypothetically*)
___________________
TECHNO IS THE BEST NOISE ON EARTH.
Save Techno - Stop Minimal / Tech-House
