Tax time deductions...how can i win?

[BantuKnotz99]

Can someone explain to me about the tax time deductions. Im a small time buisness owner and i made only 20k this year. Im married, with child and also had a fulltime job, what would be my best option.

 

[the cac mamba]

fukk should we know ask h & r block

 

[CarbonBraddock]

you should take as much out as deductions for your business as possible. like claiming as many things as business expenses as you can. this should lower your taxable income in theory. also, look into donating to charities and things like that, which give you certain tax benefits. seeing a cpa would be your best bet, not asking this on a random website.

 

[jdubnyce]

Can someone explain to me about the tax time deductions. Im a small time buisness owner and i made only 20k this year. Im married, with child and also had a fulltime job, what would be my best option.

We 6 cert, 6 figures nikka; government pays us tax

Spoiler

talk to a tax accountant breh

 

[NotAnFBIagent]

Can the government trace your business earnings?

 

[blaccbeard]

Can the government trace your business earnings?

Of course, it's called an audit, and any earnings you didn't declare to be taxed will come back to bite you in the ass. Unless you deal in straight cash/keep your money in a shoebox and don't deal with banks, then you're fukked when they follow your paper trail.

 

[NotAnFBIagent]

Of course, it's called an audit, and any earnings you didn't declare to be taxed will come back to bite you in the ass. Unless you deal in straight cash/keep your money in a shoebox and don't deal with banks, then you're fukked when they follow your paper trail.

I wasn't speaking in general terms I was asking the op about his business specifically.
If his side business isn't easily traceable I wouldn't even bother filling it.

 

[Freedman]

Tax Deductions Guide and 20 Popular Breaks for 2019 - NerdWallet


The Big List of Small Business Tax Deductions (and How to Claim Them) | Bench Accounting

 

[TruStyle]

If you have to ask how to win at taxes.

You've already lost breh

 

[Swirv]

Can someone explain to me about the tax time deductions. Im a small time buisness owner and i made only 20k this year. Im married, with child and also had a fulltime job, what would be my best option.

First question, did you create a business entity for your business?

 

[dterpsss]

Consult with a professional, worth the cost if your filing is not straight forward w2