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Clays Landscape
11-07-2011, 09:29 PM
I am currently in my second full yr. Last year when I filed my taxes, I obviously did not do something correct. I ended up paying out A LOT due to self-employment taxes they say.

My question is how or can I reduce the amount I am paying in taxes?

I have been buying equipment in hopes this would offset some.

Any input would be greatly appreciated.

Hedgemaster
11-07-2011, 10:12 PM
I'm not well versed in this stuff yet, but I think you'll be disappointed when you find out you don't get to write off the amount you paid for equipment.

Clays Landscape
11-07-2011, 10:28 PM
I'm not well versed in this stuff yet, but I think you'll be disappointed when you find out you don't get to write off the amount you paid for equipment.

Yeah, I have set up a depreciation schedule.

Steve
11-08-2011, 01:53 PM
I am currently in my second full yr. Last year when I filed my taxes, I obviously did not do something correct. I ended up paying out A LOT due to self-employment taxes they say

Can you give us a little background on this situation? Who was telling you you did something wrong and you paid a lot more than you should have?

Is it that you didn't budget for the fact you needed to pay self employment tax? I think that is an issue a lot of newer business owners get shocked by or was it something else that factored in?