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#51
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"Cheryl Perkins" wrote in message ... Jo Firey wrote: Its a good thing there are people like you to make up for people like me. I cannot proofread to save my life. And yes I know all the tricks like reading backwards etc. Can't spell either and my typing has gone to heck since I have arthritis in my hands. I used to proofread material, but I don't think I became really expert. I was good enough that even today, some typos just jump right out at me. Unfortunately, like many people, I'm far better at proofreading other people's work than my own. With something I write, I have to leave it for a while, so I will be a little less likely to skip over all the errors automatically, and then I'll *still* miss stuff I could swear I'd have picked up in any other document. Back to the topic. There are places here that offer help with cover letter and resume preparation, but most of them are limited to a particular clientele - say, the students of a particular school, or people enrolled in special programs for the unemployed. So there does appear to be a need for the service in some areas. Are there groups in your area that offer advice to people starting small businesses? If so, they might have all the info about business plans and taxes and any local laws about running businesses out of private homes right at hand. Taxes shudder. You don't have to be self-employed to run into trouble there. Working two or more jobs and having one or more employer deduct too little works really well, too! And I *knew* that! Part-time temporary employees tend to have too few deductions taken out because each employer assumes each paycheck represents your total income....but I got bitten by it again. -- Cheryl It helps, not enough maybe but it helps, if on any second job you put single and zero on the form W-4. Same thing if you are married and your combined income is taxed at a higher rate than your employer is withholding. Usually I have the one earning less file a single zero W-4. Jo |
#52
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On 2005-07-11, Biskybabe penned:
You have to report all income, plus you need to pay self employment tax (with is 15.something %). You are also required to pay quarterly taxes (90% of your last year's tax burden or 100% of the current year's tax burden by April 15th -- unless you make more than 250K and then you have to pay 110% of last year's tax burden). Check the IRS website, or the SBA website, both have good information. I actually talked to an accountant specializing in small business. Turns out you that if you are employed as well as have your own business, you can up your employee withholdings (w-4) instead of paying quarterly estimates. The acct recommended doing this until your company hits about $10K in profit. Actually, let me rephrase that. I think this only applies if you can use a schedule C and report your business taxes as part of your 1040. Colorado (and several other states) has a special single-member LLC designation which protects your personal assets while still allowing you to file as though you were a sole proprietor on federal forms. Something like that. Standard disclaimers apply -- please don't anyone take my word for tax stuff. -- monique, who spoils Oscar unmercifully pictures: http://www.bounceswoosh.org/rpca |
#53
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"Monique Y. Mudama" wrote in message ... On 2005-07-11, Biskybabe penned: You have to report all income, plus you need to pay self employment tax (with is 15.something %). You are also required to pay quarterly taxes (90% of your last year's tax burden or 100% of the current year's tax burden by April 15th -- unless you make more than 250K and then you have to pay 110% of last year's tax burden). Check the IRS website, or the SBA website, both have good information. I actually talked to an accountant specializing in small business. Turns out you that if you are employed as well as have your own business, you can up your employee withholdings (w-4) instead of paying quarterly estimates. The acct recommended doing this until your company hits about $10K in profit. Lets rephrase that. you want to reduce the number of exemptions on your W-4 in order to increase the withholdings. And it will only work if you have enough exemptions to reduce. I know there is a place on the W-4 to voluntarily increase your withholding by a certain amount but many employers won't do it because their software can't handle it. And they aren't required to. Taxes on $10K in self employment income in a 28% tax bracket would be $4,330. including self employment tax. Could be more if it wipes out eligibility for credits or increases social security income subject to tax etc. Jo |
#54
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On 2005-07-22, Jo Firey penned:
And it will only work if you have enough exemptions to reduce. I know there is a place on the W-4 to voluntarily increase your withholding by a certain amount but many employers won't do it because their software can't handle it. And they aren't required to. I didn't realize that this could be an issue. Yuck! Guess I should find out. Is there a way to figure out how much reducing an exemption will up your tax contributions without just going ahead and doing it? Taxes on $10K in self employment income in a 28% tax bracket would be $4,330. including self employment tax. Could be more if it wipes out eligibility for credits or increases social security income subject to tax etc. Double yuck. At this point I'd be surprised if my business even shows a profit ... first I need to get all my materials and clever patter together, and that's hard to do when your brace keeps fat-fingering (I guess fat-palming) your typing and derailling your train of thought! -- monique, who spoils Oscar unmercifully pictures: http://www.bounceswoosh.org/rpca |
#55
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"Monique Y. Mudama" wrote in message ... On 2005-07-22, Jo Firey penned: And it will only work if you have enough exemptions to reduce. I know there is a place on the W-4 to voluntarily increase your withholding by a certain amount but many employers won't do it because their software can't handle it. And they aren't required to. I didn't realize that this could be an issue. Yuck! Guess I should find out. Is there a way to figure out how much reducing an exemption will up your tax contributions without just going ahead and doing it? If you are very ambitious, the IRS had Circular E online that shows deductions. You can compare it to a pay stub and see how it would differ. But I wouldn't make a change until you start to see a profit. Jo |
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