Have a Tax Question? Ask a Tax Expert
Depending on how much you made in 2012, you may not have even made enough to have to file.........and if most of the money has been made in THIS year, then you won't file a return (for 2013 taxes) until (by) April of 2014
As long as report income as you made it (and this is PROFIT, your business can always deduct its ordinary and necessary expenses before arriving at the number on which tax must be paid) THE FOLLOWING YEAR at tax time
have only been working since the beginning of 2013 though, and have collected food stamps and tax returns because of my kids. ..I can prove I've been working with my company via checks paid out , certification, etc. though...
Then you are FINE ... You just need to be sure to report next year, when it's time) ... You're business is not even in the system yet
still with me?
is property bought tax deductible in some way?
Again, if you earned the money in 2013, you will not file taxes on that until april of 2014
Yes it is
property AND state and local sales taxes ... al
Use schedule A when filing your taxes
yes but can i get a tax break by buying property
File your taxes and deduct it on schedule A
how much of it would be deductible for example
ALL of your property is deductible, when you itemize and use schedule C
sorry schedule A
You'll include it with your taxes in 2014
it seems to only have a clause for deducting property taxes
not property itself
no, of course not
thats what im asking
so there is no way to get some sort of tax break by buying property?
When you sell the property, you will pay (if you sell for a profit) for a gain, that's where you'll see the investment in the house not included
so for example if i buy property for 100k for example
what percentage are the taxes
Sorry, not directly....(1) Property taxes are deductible (2) Mortgage interest is deductible and (3) as I said when you sell, if this is an investment preoperty, you only pay taxes on the gain NOT the amount you invested
IF this is going to be your prinary residence, the the gain is actually excluded from intaxes ... a HUGE break
BUT no deduction for the purchase itself, not directly
There are no taxes for just BUYING the house, you, just invested mone into it
even if i were to buy it for example say under the company as a company office?
OK, the proportion of the house that you use for office space IS deductible ... lets say you use 25% of the space
so say i buy a property for 60k ,
what would the taxes be on that
there are no taxes for BUYING a property
Here's an excellent article about all of the tax deductions that CAN come from home ownership:https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Home-Ownership-Tax-Deductions/INF12005.html
So to recap ... (1) there are lots of deductions that can come from home ownership, (2) You'll see the tax benefit of the purchase when you sell for a gain and can have up to 500,000 EXCLUDED from income (3) If you use a portion of the home for business that allows you to depreciate part of the home (take a business deduction for wear and tear) (3) you can deduct a part of utilities for that business as well