Hi i'm an artist...?
I'm an artist, i'm also studying, i'm also quite poor... DO any of you finacial boffs know what the borders on tax deductable purcahses are.. eg. can i discount tax on exhibition tickets (research). my phone bill (networking) or even my medication (staying sane, if i didn't hold it i woulnd't be able to function/work)... appreciationAnswers: thats about right a artist who requirements help next to opting out of the system but need society to pick up the bill for the expenses .
everything works,i mean, what's the hit and miss you'll get audited? ;0)
Is the estimate from our paycheck for state income duty made BEFORE or AFTER the federal income import tax?
Why do we have to claim refund from states as "income? Dont we pay plenty?? When does it stop?Answers: They're both subtracted from your net income.
You don't grasp taxed by the federal organization on the amount of money you actually income for your state taxes. If you got a discount of some of your state tax withholding later year, that was NOT money you *paid* for state import tax -- that was your own money, fragment of your income, and so it should have be taxed by the federal management. That's why the state refund is tax by the feds this year -- because they didn't tax it later year.
Simple solution: move to a state that does not have an income duty. Mine doesn't. Just makes the sale tax greater. They screw you over one way or another. Nothing you can do. Its not considered income, its tariff from your income, hence its called income toll.
What should I do for excise after I established LLC?
I established LLC for video production. Mainly I made this company for making a documentary. I have no income, but I wrote a couple of checks smaller quantity than $600 to researchers and illustrators. I have no notion what to do for tax. Could someone prepare me step by step?Answers: Generally, LLCs are past-through entities. This means that adjectives income and expenses are reported on your own income tax returns. It appears that you generate no income, so there would be no taxes on that. However, abundant states have a minimum export tax requirement (e.g. $800 in CA) for the LLC. You entail to consult a tax advisor for your situation.
An LLC is a "disregarded entity" so what *are* you?
Are you a sole proprietor, a partnership, a C-corporation or an S-corp?