Newbie Tax Question
im new to all this including write offs and my question is how much are we really talking about? I m about to clear 30k on my first assignment deal, and assuming that is the only money i make all year, how much will i take home if i dont write anything off? how about if i use all of the writeoffs?
Well you really need to study some IRS publications regarding deductible expenses and consult a professional tax advisor....
It would be in your best interest to track and deduct as many legitimate expenses as possible as your income is all self employment income which is also taxed for self employment tax at 15.3% (in addition to income tax) ... so as an example if you have $5000 of deductions against that $30k it will save you $765 in SE tax alone.
What "write-offs" do you have?