Good morning. I started an internship a few weeks ago. We get paid on a 'stipend' and will receive a 1099 at the end of the year. I make 555$ a week over the course of 3 months.
I was wondering how to reduce the taxes I will have to pay as much as possible. The job is in my field of study (I am currently a dependant attending college). Also I have roughly an 80 mile round trip drive to work. I am a poor college student and would like to keep as much of my money as possible!
Thanks! Ryan
Hello Ryan,
Your email showed that you found me via my book, Self-employed Tax Solutions. I assume by your question that you have not yet read the book. In it there are explanations for hundreds of expenses, including when you can deduct business mileage. It also explains that about 1/3 of your income can go to taxes if you don't deduct expenses. Here's a jump-start to give you an idea To learn more about what you can deduct be sure to read Is it a deductible business expense? on my website .
Be poor no more. Read. Get information.
-- June
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2 comments:
Wow--could the same apply in real estate transactions? I bought 3 properites a few years ago with extra money I had saved, held them relatively short-term and sold them at a profit. Had no clients---just myself making money for myself. This was my only income I had that year. Accountant classified me as Self Employed, I paid IRS. IRS audited me last year and I assessed substantial additional taxes and penalties as Self Employed on those properties' sales. Was I really not SE, is the IRS wrong, and/or did my accountant unintentionally help me believe I was, therefore possibly misclassifying me in the first place?
Hi Mr A,
Please see
Real Estate Sales & Self-employment Tax
posted on July 13 for a response.
Best,
June
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