I need to file my 2005 taxes as self-employed. Any suggestions on how to minimize my taxes?
372817
Don't deduct food and drinks consumed while working.  That's a big red flag.  Only if you are entertaining for business purposes (wooing clients, for example) can you deduct food, and then it's strictly limited.
55765
i do taxes. and as far as i know you cant. and i dont see how you could do it for business and to my knowledge there are no forms to put that on if you did find a way to do it for business. sorry.
103012
Go to H&R Block, they will itemize EVERYTHING. Or you can do it yourself, but you have to pay a little extra online :o)
1053773
when changing your small business status to corp. or inc. you should always do it throough a business lawyer. It's a litle pricy but it'll insure that you make the right decisions at the right times. You are going to be better off in the long run. If you choose not to follow that route I'd suggest that you call the IRS locally and they can walk you through the whole process all over the phone. Most people aren't aware that these services exist at all. and they are free for the asking and the patience of being on hold a lot.
631041
You can use 1040 to file jointly. Since your wife is self-employed, she can use schedule C to report her income.\nYour wife can also deduct necessary and ordinary business expenses(office supply, advertisement, auto, home office ...). The difference of income and expenses is called net income which is subjected to both self-employed tax and income tax. I suggest you seek a qualified tax professional to handle your tax reurn due to your wife's self-employed status.\n\n-Zhicheng Lai Enrolled Agent
1066977
You will file 1040 and only income you will show would be income from business. You can take whatever deductions you are entitled to on the same form.
378379
Have your taxes done by somebody else if you have a healthy sized income, or income coming in from many different places. Also, if you've got a lot of payments... especially if a personal business is involved. The IRC is ENORMOUS... and professional CPAs with a good tax background are going to know it better than you. Loopholes are great.
471753
1. Make sure you maximize your tax deductions. Plow more money back into the business - marketing, new computers, etc. and claim them as deductions\n\n2. Open a Self Employment 401K http://www.powerhomebiz.com/vol149/401k.htm and maximize it. You can put in as much as $16,000 per year + 25% of business profits. It is tax deferred so you don't pay taxes now, but at least you can use it to save for your retirement.
331084
Do your taxes online.  It's relatively fast and relatively cheap.  They usually say it's "free" to prepare your tax return, but that's the catch:  It's free to "prepare."  Once you're done preparing, you have the choice to either pay them about $8-20 to file your tax return online or start all over again somewhere else.\n\nI filed online the past two years though and I loved it.  I was in control of my own taxes, I didn't have to sit and listen to some CPA and I didn't have to pay the CPA's heafty ransom for preparing my taxes as I did it myself.  You will generally get any refunds back a lot faster too.\n\nIf you want to file your taxes online, go to www.irs.gov and they have a list of sites that do online tax filing, or if you want an easier site to get to, go to www.hrblock.com and they do online taxes as well, that's where I went through.
94600
W2 forms, or check out the IRS.
805283
Judy, as usual, gave a sound answer.  I would just add one thing.\n\nIf you are going to do your taxes yourself (which I do not generally recommend with a Schedule C) do not forget about Schedule SE.  That covers self-employment taxes, like the Social Security and Medicare deductions employees have.  Remember, you have to pay double what an employee would pay as you have to pay the "employer's" share as well.\n\nOften, SE tax can cause a shock at tax time, especially with a new business.  You might want to take your records to your accountant before the end of the year and get an estimate of the tax bill.  If you do not have an accountant yet, now is a good time as this is the slowest time of the year in most CPA offices.
1056748
My husband and I are opening our own business also and have heard some horror stories about friends of ours who tried to do their accounting themselves and ended up owing the IRS thousands.  I think it's worth it (especially for peace of mind) to go ahead and hire an accountant to do your taxes and who will guide you with the rest of your accounting also.  You can shop around and get quotes from different accountants and also ask other business owners in your area who they trust. :)
396859
http://www.irs.gov/businesses/small/article/0,,id=108339,00.html\n\nThat should help!
108540
i think you can file using a substitute w2 form but to be 100% sure you can call the IRS help line found in the 1040 instruction booklet.
828392
It does not matter where you work.  Whatever entity you set up, you will wish to take profits out of the business to live on, right?  In that case, you will have to pay NY taxes becaus that is where you live.  Remember, not all free advice is worth the money!  (Think about it.)\n\nYou should consult with a NY CPA, who will be able to advise you best.  Do not rush to a low-tax jurisdiction without considering the effect on your own personal return.  Ultimately, that is the bottom line.
187662
File a tax return. If you want a refund as you employer to give you a w4 form and change the number of exemptions that you want to take. You can also have them hold More out of each check
96981
File your taxes.  I run a home based business (graphic design) and learned the hard way.  I made $396 in my first year (started in December of that year), and didn't see the need it was small.\n\nI got a HUGE fine from the IRS.  Luckily I got it cleared because I had an atty do the work, but I learned - no matter how small, report it.  It isn't worth the headache.