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Seek a professional - Advice from me
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| StereoPrincess |
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. |
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| jon jon |
lol, amateur
Two lessons to be learnt here:
(1) go to a pro for taxes
(2) ask mom first () |
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| muzzybear |
| 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. |
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| StereoPrincess |
| 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 () |
well, #2 is always a given. i dunno why i don't ask her about more stuff. |
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| Floorwhore |
my mom does it for me.
quicktax or some program.
she thinks im gettin paaaaaaid nigga! |
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| cono_sur |
| quote: | Originally posted by muzzybear
Even better, marry a foreigner... |
Even better than that - donate some Picasso's. :toothless |
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| jon jon |
babaabbab
I'm bitter my ing marriage thread got put on lockdown, that was legenDARY! |
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| 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$) Gotta be careful to do it by the book and document everything but in the end it can really pay off.
I still ended up paying out my ass for various stock options that were cashed in over the year though. |
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| muzzybear |
| quote: | Originally posted by nusty
create a business and put all of your earnings into it. I counted a huge amount as a capital loss against a business. yeah it costs 60 bucks in Ontario to register a business but thats really not that much when you think about how you can now claim part of your rent as office space if you have a desk area there somewhere and meals are 50% deductable as long as they are work related. (wendy's meals only ended up costing me like 2.50$) 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! |
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| Jem_hadar |
Its great being an accountant
Pers taxes done for free using the best professional tax software out there - ProFile!
:D
Jem |
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| nusty |
| 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. |
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| Jem_hadar |
| 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*) |
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