Sunday, April 15, 2007

And So

If I declare myself and business and report my writing income ($4500), then I owe $1221.

If I don't declare myself a busines and report my writing income ($4500), then I owe $421.

This probably wouldn't have happened if I'd kept all of my con reciepts.

EDIT: Final Federal taxes owed: $553

Yeah, right!

I wonder if I have anything left on any of my credit cards?

4 comments so far. What are your thoughts?

terri said...

Can't you write off your medical expenses?

Gwenda said...

And if you declare yourself a business, you can take books/convention travel/portion of rent/phone/utilities for office if you have one/etc off, which for us tends to offset the claim... at least so far.

Kameron Hurley said...

I had over $6,000 in medical expenses that I declared and plugged in, but sadly, that did not, somehow, equal $6,000 in deductions.

And yea, the reason I don't owe $1200 is because I declared as much of the con expenses as I had receipts for....

I kept working through all of the deductions, but couldn't get them to give me anything back. I'm pretty confused about the whole thing, honestly. What's the point of declaring all of these medical expenses if they only give you a $100 deduction after the first 2K? It's like you can just keep adding more money on it, but you don't get anything more back.

I think our tax system is whack.

La Gringa said...

Lucky you...I owe about $5ooo because I was unemployed for a year. Unbelievable...