Finance Questions? Ask a Financial Expert for Answers ASAP
Hello, Are you able to itemized currently and how much are your business expeneses that you pay out of pocket? Thanks Tom
I havent itemized yet but my out of pocket expenses monthly are 200 for phone, internet, I paid 2000 for my laptop and 300 for my all in one printer, I fly frequently 4 days out of the week with travelling my expnses are 1200 a month do you need more information?
In order to itemize you will need appromately $4,000 in expenses per year and since most of your expenses are reimbursed and you would need to depreciate your equipment over 5 years it will be hard to reach that figure. I would claim single 1 if this is your only source of income. Thanks Tom PS, taking too many exemptions will not usually trigger an audit but if you under pay you will have pentalties and interest
If I claim one wouldnt I end up paying close to 30k a year in taxes? and then get a huge return in April I just really want to keep it to a minimum without worrying about how much to pay...thanks.
No, Your withholding on Federal income tax would be approximatly $272.65 per week or $14,177 a year plus $114.75 for Social Security and Medicare (currently it is being discounted but should go back to normal soon) and I know Texas doesn't have state taxes but if you have any local taxes that would be deducted also. I beleive this is keeping to a minumum without you owing a large amount at the end of the year. My calculation shows if rates stay you would get approximatly $1,000 back and that is not counting in other source of income such as interest and dividends. Thanks Tom