Self-employed? Here is what you actually owe in taxes. Most people overpay because they miss these deductions.
Self-employed? Here is what you actually owe in taxes. Most people overpay because they miss these deductions.
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Personal services income, also referred to as PSI, is income mainly produced from your personal skills or efforts as an individual. Do the rules apply to you?
I have lost count of the times someone has set themselves up with a company or trust, as a contractor or as an individual, only to be bitterly disappointed when I tell them that all of the benefits of having a company or trust don’t apply to them. The tax act is full of exceptions and conditions, a
Taxes!
I'm 47 yrs old and I learned something about taxes today.
Most importantly:
Standard Deduction vs Itemized Deduction
Most are incentivized to do the Standard Deduction. It makes sense.
Why choose to itemize if it means a higher taxable income?
The unfortunate part has to do with the HIGH threshhold to itemize. Married-joint filing is ..$29k !!
This means: Unless youre deducting more than that, you should take the std deduction.