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Tax Time... How much money to set aside? (pg. 2)
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| kitphillips |
| quote: | Originally posted by Storyteller
Unfortunately it's round 40% tax in holland on net. income (after deductions) :(. |
Thats because you have... You know services and that stuff... Like health care, and education... I'm not jealous of americans.
Its like 30% tax minimum in australia. Up to like 50% if you earn over 80 000 or something. |
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| Storyteller |
| Same here :). |
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| Richard Butler |
Rack - up your expenses as high as possible.
I put things like 'road tolls' down every week, as these do not need to be receipted:toocool: but I make sure any car mileage tallies in with these supposed trips accross toll bridges.
Also in England we can say we use our house as an office (for example for doing unspecified paperwork / networking online etc) and this is then counted as an expense against turnover.
If you buy anything remotely technical, put it down as office / work equipment. So a home computer becomes a work machine. Can you do this stuff in the US , Aus and Holland?: |
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| EddieZilker |
| quote: | Originally posted by Richard Butler
If you buy anything remotely technical, put it down as office / work equipment. So a home computer becomes a work machine. Can you do this stuff in the US , Aus and Holland?: |
In the US, it depends. There's a term, here, called "Hobby-Loss" which allows two years to demonstrate that a piece of equipment purchased for professional reasons can be (or has been) used to generate income. If a music keyboard, for instance, was purchased in 2009 with the expectation that a record I made was going platinum in 2010, by tax time, in 2012 (for 2011 taxes), I'd either have to show revenue or pay the deduction I had claimed for the keyboard in my 2009 filing. |
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| Looney4Clooney |
| so the Bush tax cuts are not helping you guys out ? shucks |
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| DjWoody |
| The IRS is hosting a clinic this Saturday in Anaheim. I'm going and I'll be asking a lot of questions. If you guys want me to ask anything, let me know. |
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| Looney4Clooney |
| can you ask them if whores are discountable if the actual whore is from LA but the act takes place on an airplane over Nevada. Does the customary 50% rule apply ? She had a muse effect. |
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| Richard Butler |
| quote: | Originally posted by Looney4Clooney
can you ask them if whores are discountable if the actual whore is from LA but the act takes place on an airplane over Nevada. Does the customary 50% rule apply ? She had a muse effect. |
Man you ought to be on stage, hilarious sh1t.
We have this guy over here on a general discussion forum who reminds me so much of you it's uncanny.
As an example he just started this totaly random thread saying he is a medium - it said this woman, an Aunty June had contacted him through the ether and he was to pass a message onto this dame that the Aunt was worried about her, what with her going through the change an all
> just totaly random like you - I would invite you to the forum to see how you spar with this guy, but you always turn me down, so
He just posted this for example - to a very serious thread OP who said she wanted us to know about Israel being rocketed by Hamas again;
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I thought Israel bombed children in Gaza the other night when they thought everyone was not looking , due to those Libya and Japan thingamybobs
Shall I get the popcorn then? |
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| DJ RANN |
First thing, if you're earning anything like $20k a year from music, outside of a normal day job, set up and Cal LLC. You can then file as a C or S corp (best for deductions) and you get the best of both worlds; personal protection like a corporation and flexibilty of a partnership.
You can also file as a sole member LLC meaning that for federal purposes is disregarded as a tex entity and therefore can just file a C sched on your personal return. Only downsie is that you have to pay the LLC tax but that's only 800 per year if under $250,000 income.
Best way to go, especially as if someone tries to sue you, they sue the company, not you personally, the owner. |
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| Zombie0729 |
| and if you don't play my bob sinclar mix again I WILL sue you woody ;) |
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| DjWoody |
| quote: | Originally posted by Zombie0729
and if you don't play my bob sinclar mix again I WILL sue you woody ;) |
Hahaha I thought you were gonna ask me for royalties. hahaha |
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| DjWoody |
| quote: | Originally posted by DJ RANN
First thing, if you're earning anything like $20k a year from music, outside of a normal day job, set up and Cal LLC. You can then file as a C or S corp (best for deductions) and you get the best of both worlds; personal protection like a corporation and flexibilty of a partnership.
You can also file as a sole member LLC meaning that for federal purposes is disregarded as a tex entity and therefore can just file a C sched on your personal return. Only downsie is that you have to pay the LLC tax but that's only 800 per year if under $250,000 income.
Best way to go, especially as if someone tries to sue you, they sue the company, not you personally, the owner. |
Thanks for the advice. I'm gonna look into that. I know I made $10K from one club alone last year. I probably made more, but honestly, I don't keep track. One thing this mess has thought me is to keep track of all my expenses, to keep all my receipts, and to set some money aside for tax time. Grrrrr |
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