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  #11  
Old 09-30-2013, 10:14 AM
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JFGLN JFGLN is offline
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Don't forget the 15% for self employment tax. You should be setting aside 30% for taxes.
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  #12  
Old 09-30-2013, 09:04 PM
windflower windflower is offline
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SE tax can be offset by numerous credits a broke student is likely eligilible for. I doubt with the income stated he has much liability to state or federal.
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  #13  
Old 10-01-2013, 08:45 AM
LawnsharkMB LawnsharkMB is offline
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Quote:
Originally Posted by ed2hess View Post
I ran a part time business and didn't need accountant. Just think simple you can easily keep receipts in a box for expenses and don't get into writing off a room in house or depreciation. In the end you will pay little tax unless your state robs you.
Do you really have to keep receipts?

I've been told by people in the business your bank statements are all you need unless you pay cash for something which you would need a receipt to write off.
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  #14  
Old 10-02-2013, 08:29 AM
Roger Roger is online now
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Quote:
Originally Posted by Kelly's Landscaping View Post
http://www.tax-brackets.org/californiataxtable the sites I'm looking at are showing many rates this was not my first look and they are coming up consistent.
You are right, I was wrong. I did more checking, and confirmed that CA is a bracketed system, not the straight 12% as I suggested.

Not only is it a bracketed system (with typically higher rates on the lower end than most states that do have an income tax), but includes an uptick on rates for those in high income ranges. One has to be over the $1M mark for the 9.3% "standard" bracket to be in effect, but also a 3% uptick, making the top range 12.3%. Prop 30 was sold as a "tax on the rich" but it successfully dragged in everybody, including those in lower income ranges.

Good catch,... thanks.
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  #15  
Old 10-02-2013, 03:24 PM
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Charles Charles is online now
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Quote:
Originally Posted by jaymo3141 View Post
I have a small lawn route, about 20 lawns a week. i do all my lawns with a helper on Saturday because i'm a full time student during the week. i pull in about 1700$ a month, pay my helper about 600$ a month, and have to pay about 150$ in expenses. how much of this do i need to report on taxes? can i keep it all under the table or is this dangerous? if i do report all of this for taxes, can i write off all my expenses if i have all the receipts? thanks for the help.
I don't think I would mention "under the table " to the IRS
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  #16  
Old 10-05-2013, 04:26 AM
twomancrew twomancrew is offline
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Quote:
Originally Posted by LawnsharkMB View Post
Do you really have to keep receipts?

I've been told by people in the business your bank statements are all you need unless you pay cash for something which you would need a receipt to write off.
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Holy Mary, you better have a receipt for EVERY PENNY.
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  #17  
Old 10-05-2013, 07:21 AM
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gulfjoe gulfjoe is offline
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Originally Posted by twomancrew View Post
Holy Mary, you better have a receipt for EVERY PENNY.
I keep my recipets, but why isn't a bank statement good enough for the IRS or anyone else for that matter.
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  #18  
Old 10-05-2013, 09:56 AM
twomancrew twomancrew is offline
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Originally Posted by gulfjoe View Post
I keep my recipets, but why isn't a bank statement good enough for the IRS or anyone else for that matter.
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Hire a CPA, most will tell you over the phone now what is needed in the Spring. Don't take my word for it. Call one up on Monday morning.
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  #19  
Old 10-05-2013, 12:33 PM
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Efficiency Efficiency is offline
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Can I claim my dog as a dependent?
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  #20  
Old 10-06-2013, 12:16 AM
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tonygreek tonygreek is offline
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Can I claim my dog as a dependent?
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Yes, but only if it's fulltime.
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