I have income which is taxable but no taxes are taken out of it,what write offs can I use to off set these.?
402000
Since you're getting the money w/o tax withholding.  You should also look into paying estimated taxes.  Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due.
1175603
Anything related to the operation of your business can be deducted as a tax write off.\n\nFrom the book "422 Tax Deductions for Businesses and Self Employed Individuals" by Bernard Kamoroff, here are some things you can deduct:\n\naccountants\nadvances paid to contractors, vendors, professionals etc\nadvertising and promotional expenses\nadvertising\nallowance for bad debts\nalarm systems for your business\nanswering service fees\nassessments of local governments for repair of water lines, etc\nappraisal fees to determine amount of loss\nassets\nassociation dues\naudit \nautomobiles used for business\nattorney fees\nATM fees\nawards to employees\nbad checks\nbad debts\nbank charges\nbarter transactions\nbenefits of employees\nbillboard rentals\nbooks\n\nAnd a lot more. I suggest you get a copy of this book to learn what you can write off come tax time\n\nCheck with the IRS rules governing tax deductions, especially assets and depreciation
971665
I'm assuming you're in the US - don't know about other countries.\n\nIf you don't have income, you won't pay income taxes.  There are other kinds of taxable income other than jobs, like interest on savings accounts, but unless you have a lot in the account, would not reach the level where you'd need to pay income tax on it.  But there are some other kinds of taxes, usually local ones, that you might have to pay - some places have a per capita tax, for example - it's usually not much but you might still owe it.
593996
You can request an Offer in Compromise(OIC). When you file an offer in compromise, you are asking the IRS to accept a fraction of what you owe on your taxes and to write off the rest of your debt. IRS offer a do-it-self kit free. Here is the link:\n\nhttp://www.irs.gov/pub/irs-pdf/f656.pdf...\n\nZhicheng Lai\nEnrolled Agent
982144
You deduct mortgage on your primary home on schedule A.  Your rental property mortgage is deducted from the income you made on the rental property on schedule E.  There are too many variables (children, other income, other credits, other deductions) to tell you exactly how much the write-offs will save you.  You can get a GENERAL idea by dividing your adjusted gross income (line 37 on 1040) by your total tax (line 63) this is your actual tax rate.   Multiply that number by your write-offs and this is APPROXIMATELY what you will save.
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.
1011182
Use a good online tax preparation program like CompleteTax.  The program can find all sorts of deductions and credits you probably don't even know about.
872943
The only thing you can deduct from your tax is probably your mortgage interest. Individual items in the closing statement may be deductible when you sell the house.
639814
Depending on how you do this, you can write off expenses related to renting out that house.  This will usually be negligible unless you're really creative.\n\nOr, if you claim you live in the other state (pretty difficult if either state has an income tax), you can claim the house as your residence, and deduct your mortgage interest.\n\nMight also try setting up a business, having its sole function be management of your rental property.  You can deduct expenses related to the property, plus if you set up a bedroom in your apartment as an office, you can write off a percentage of your rent and utilities.\n\nI'd get an attorney's advice before trying any of these.
418429
You can use 1040ES. Here is the link for the form:\nhttp://www.irs.gov/pub/irs-pdf/f1040es.pdf\n\nZhicheng Lai\nEnrolled Agent
696746
Does your state have an income tax?  That also qualifies as a deduction.  Do you take a medical or a child care pre-tax allocation?  That can also reduce your AGI another $10k.  Do you have interest income, dividends - sell or buy stock?  Did you contribute to an IRA?\n\nIf NONE OF THE ABOVE - just $100k - $25k, then tax bill is about $9500 - divide by # of paychecks.
768980
For taxes, use form 4797.  It will be taxed as ordinary income (not a capital gain since it was held less than one year).  You won't be able to take section 179 (or any other depreciation) on this asset since it was held for less than one year.\n\nAs for the finanicals, I would recommend gain on sale of assets or some other type of miscellaneous income category.
212717
You can use a 1040. What did you do for the 1099 income? you can take exp off on that . To take exp. you will need to use a schedule C or CEZ. Not sure of your situation.
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.
850163
Determine what % of the time you will use the computer for business.  That is the % you can write off your taxes.  Of course that % is open to interpretation by you so be generous with yourself.
137920
They dont really have to send you a 1099 unless they paid you $600 or more.  You could put it on line 21 as other income.  But, the best thing to do is probably to put it on a Schedule C so you can deduct any out of pocket expenses you had associated with that income.  If you put it on Schedule C though you will have to pay Self Employment tax  of 15.3 percemt because you made over $400
1025127
A home equity loan or home equity line of credit is really your best bet.  Interest payments can usually be used as a tax write-off.  Check with RegionalMortgages.com