Originally Posted by kynobi
Howdy all. Winding down the season here in cincy with wet leaves and had some time to research and post a question for my 1st year earnings relating to taxes. I am figuring on roughly $8,000 gross from 11 commercial/condo properties this year. My cost for equipment and gas figures to be right around $2000. I would greatly appreciate some input or direction where to study up on what I can expect to pay in taxes for my start up year.
Net profit of 6k considered income.
$840.00 SSI at 14% self employment rate
$300.00 ohio income tax at 5%, you also may have a city income tax where you live
$900.00 fed income tax estimated at 15%
Total Tax of $2040.00 on an income of $6000
This is just a quick estimate with very little info!
If this is your only household income, you will likely not owe any fed income tax. I'd also suggest get a mediocre accountant, and you should be able to eliminate any tax on this much income.