How much taxes do I owe as a freelancer?
I’m a freelancer and I’m trying to figure out how much I owe back in taxes.
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Zoey Wen CPA
Hi there, if you earn over $400 from freelancing activities, you're subject to self-employment taxes. This means you must pay income tax and self-employment tax ... Read more
How to record capital losses on stocks
I had questions regarding capital losses for taxes. So this year, I have made money from stocks and also lost money from stocks. Overall, I am down around 20,000 dollars in stocks. So then can I deduct $3,000 from ordinary ...
How to compute quarterly estimated tax for a freelancer?
Hi,
I read a lot about estimated tax but I am still confused. Is it based on sales amount or net income? I read that it's good to pay 25% to 30% each quarter but I am having trouble computing it ...
If I am starting a business from my home office deductions the first year
If i start a business from my home office and during the first year do not bring in revenue as I am building a internet website can I deduct part of the cost of my business expenses like part ...
Can I deduct my monthly booth rent if I’m a barber as a business expense?
Hey My name is Juan I’m a barber I work at a barber shop that someone else owns I pay them a booth rent every month to be able to cut hair at this shop I file taxes as self ...
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Liz King, CPA CPA
You can definitely deduct the rent you pay for your chair as a barber. Rent is any amount you pay for the use of property you do not own. In general, you can de ... Read more
What do you do when tax exempt?
I Just got an EIN number for a little jewelry shop, online.. I wont have employees or make much income. Its basically to shop wholesale. I understand how it works with purchases but when filing taxes, will I need to ...
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Liz King, CPA CPA
If you want to reduce the income number by those expenses, you should retain copies of receipts with your bank statements for proof of the expenses. Many small ... Read more
I just started working for a real estate company called the mida group.
I just started working for a real estate company called the mida group last week. Im a legal representive. My second assighnment is to cash a chech from a client and take out 5 percent of my commission. ...
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Theladycpa CPA
Hi I am not an attorney and can therefore not give legal advice. However, in my personal opinion, this does not sound legitimate. If you are a legal representat ... Read more
How much tax does a Delaware C Corp pay?
For company earn 500,000 a year
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Liz King, CPA CPA
The amount of tax the C Corp pays depends on the state the Company is located and conducts business. Incorporating in Delaware does offer some tax advantages. B ... Read more
How can I reduce my tax liability on the sale of property quit-claimed to me in 2002?
Quit-claimed to me in 2002
Sold in 11/2020 for $87,500
My 2019 Federal effective tax rate 7.89%
I want to gift some of it to daughter struggling with cancer
What is the tax amount of a inherited annuity
What will I get taxed on an inherited annuity lump sum payment if I am a non spouse. Benefit is around 60000. I am married with 3 dependents.
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Liz King, CPA CPA
If you inherit an annuity and you aren’t the annuitant’s spouse, when you have to pay taxes depends on how you decide to receive distributions from the annuity. ... Read more