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Tax Question

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  • Tax Question

    Question : hey guys just a quick Q for you i'm 15 and mow lawns i
    made 5,500 before expenses and around 3 thousand after them will i have to pay taxes on such a small amount?

    Answer : Yes, however have considered you equipment expenses when you determined your net number of $3000. If not you may be able to deduct the cost of the equipment and any interest charged if you did not purchase them outright.

    Answer thanks to Matt Patrick CPA of Patrick Accounting

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