Schedule C -- Is this right? Is H&R Block fucking me around? - GoFuckYourself.com

luv$ · 02-28-2005, 01:19 PM

My expenses last year outweigh my taxes by $2g's

Yet according to my H&R Block guy, I STILL have to pay taxes and I STILL have to do a Schedule C.

15% of my revenue AFTER expenses?

Is this the case with everyone else?

Have an appt. at 4pm and could be $2g poorer today

kane · 02-28-2005, 01:28 PM

yeah you have to pay self-employment taxes ( aka social security ) and its 15.2% of your income.

PSD · 02-28-2005, 01:57 PM

Do you mean your expenses are larger than your revenue?

V_RocKs · 02-28-2005, 02:17 PM

No matter what, you still need to pay social security and it isn't a.k.a. self employement taxes.. they are two different things.

You will need to pay taxes unless your income is less than about $8000 after losses are stripped from profits... so if you show $15000 in profit, you need to pay.

Wiggles · 02-28-2005, 02:29 PM

H&R block always fucks up taxes huge, get it done by a private tax broker.

GatorB · 02-28-2005, 02:32 PM

One doesn't have anything to do with the other. Self employment taxes are different than income taxes. Business expense reduce your taxable income. If you have taxable income then you have to pay Self Employment taxes which you do on Scheudle SE. SE taxes are the EXACT same thing as FICA taxes ona regualr pay check the IRS just calls them something else which is stupid. Just as there is no way out of getting out of paying FICA atxes you can't get out of paying SE taxes. The only difference between FICA taxes and SEtaxes is that you have to pay BOTH the employee and the employer part since you are both your owned employee and employer. Personally I think that's unfair, but WTF can you do about it? The part of the SE taxes you pay as the employer is deductable off of your taxable income. Now that's deductable off your INCOME not your TAXES.

To be technical SE taxes are 15.3% of 92.35% of your taxable income. Or about 1/7 of every dollar of profit you earn.

Babagirls · 02-28-2005, 02:33 PM

Quote:

Originally Posted by Wiggles

H&R block always fucks up taxes huge, get it done by a private tax broker.

ya, i went to hr block a few weeks ago and this old dude was asking ME questions like "do you need a schedule c? what would you classify your adult biz under?" etc etc

i got frustrated and left lol i gotta look up a personal accountant.

Stamen · 02-28-2005, 02:44 PM

Thats the social security tax, and it is unavoidable unless you are incorporated

CC · 02-28-2005, 02:48 PM

Get a sub s corp and next year, salary yourself out a small portion of your income (SS taxable) and bonus out the remainder.

PrivateIvy · 02-28-2005, 02:48 PM

Should've done them yourself with Turbo Tax Premier

Ivy

TheSenator · 02-28-2005, 02:52 PM

Go to a CPA with at least 10 years experience. They are like magicians who can make money dissappear and reappear. You will pay at least 250.00 an hour for a good one.

02-28-2005, 01:19 PM	#1
luv$ !$!$!$!$!$!$!$!$!$!$ Join Date: Dec 2004 Location: Paper Street Posts: 6,158	Schedule C -- Is this right? Is H&R Block fucking me around? My expenses last year outweigh my taxes by $2g's Yet according to my H&R Block guy, I STILL have to pay taxes and I STILL have to do a Schedule C. 15% of my revenue AFTER expenses? Is this the case with everyone else? Have an appt. at 4pm and could be $2g poorer today __________________ Domain Auction - now till 12:01AM on the 2nd... Paper Streeeeeeeeeeeeeeeeeeeeeeeeeeeeeeet Cash The Real Workout - Innocent High - Oye Loca - Her Freshman Year - Solo Interviews - This Girl Sucks. ** HQ Fresh ORIGINAL sites.

02-28-2005, 02:29 PM	#5
Wiggles Too lazy to set a custom title Join Date: May 2004 Posts: 14,423	H&R block always fucks up taxes huge, get it done by a private tax broker. __________________ no sig

02-28-2005, 02:44 PM	#8
Stamen Confirmed User Join Date: Aug 2004 Location: Vegas Posts: 698	Thats the social security tax, and it is unavoidable unless you are incorporated __________________ Show me the pistil porn!

02-28-2005, 02:52 PM	#11
TheSenator Too lazy to set a custom title Industry Role: Join Date: Feb 2003 Location: NJ Posts: 13,336	Go to a CPA with at least 10 years experience. They are like magicians who can make money dissappear and reappear. You will pay at least 250.00 an hour for a good one. __________________ ISeekGirls.com since 2005

02-28-2005, 01:28 PM	#2
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	yeah you have to pay self-employment taxes ( aka social security ) and its 15.2% of your income.

02-28-2005, 01:57 PM	#3
PSD PornSiteDomains.com Industry Role: Join Date: Oct 2002 Location: US Posts: 1,265	Do you mean your expenses are larger than your revenue?

02-28-2005, 02:17 PM	#4
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	No matter what, you still need to pay social security and it isn't a.k.a. self employement taxes.. they are two different things. You will need to pay taxes unless your income is less than about $8000 after losses are stripped from profits... so if you show $15000 in profit, you need to pay.

02-28-2005, 02:32 PM	#6
GatorB The Demon & 12clicks Industry Role: Join Date: Oct 2001 Location: SallyRand is a FAGGOT Posts: 18,208	One doesn't have anything to do with the other. Self employment taxes are different than income taxes. Business expense reduce your taxable income. If you have taxable income then you have to pay Self Employment taxes which you do on Scheudle SE. SE taxes are the EXACT same thing as FICA taxes ona regualr pay check the IRS just calls them something else which is stupid. Just as there is no way out of getting out of paying FICA atxes you can't get out of paying SE taxes. The only difference between FICA taxes and SEtaxes is that you have to pay BOTH the employee and the employer part since you are both your owned employee and employer. Personally I think that's unfair, but WTF can you do about it? The part of the SE taxes you pay as the employer is deductable off of your taxable income. Now that's deductable off your INCOME not your TAXES. To be technical SE taxes are 15.3% of 92.35% of your taxable income. Or about 1/7 of every dollar of profit you earn.

02-28-2005, 02:48 PM	#9
CC Confirmed User Join Date: Feb 2001 Posts: 1,690	Get a sub s corp and next year, salary yourself out a small portion of your income (SS taxable) and bonus out the remainder.

02-28-2005, 02:48 PM	#10
PrivateIvy Confirmed User Industry Role: Join Date: Oct 2003 Location: North Carolina Posts: 4,257	Should've done them yourself with Turbo Tax Premier Ivy