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It is 8% per transaction. There's no contract. I can cancel whenever. It just makes everything much easier. Literally almost ALL the companies in my niche, I know are using some kind of 3rd party E-Commerce website.
I feel much better not worrying about that small portion of the fee and focus more on marketing/developing new ideas, rather than tax, sales, etc.
Once you sell your software, are you providing support, upgrades, etc.? Does Fastspring give you your customer data along with your monthly profit check? The $ is in the customer base - do not easily give that info to other parties. You may be helping them develop their customer base for other (possibly competitive) products. Is that what you want so that you are free to develop products? If so, you have a developer's focus - not an entrepreneurial focus IMO.
FastSpring already has a large customer data. Whenever someone buys something, FastSpring much CONTACT my server for verification. Then my server will accept or deny that request. I am keeping all of my customer base. Since, fast spring does collect those data so I'm sure they have it as well.
You're right, I'm focused more on creating GREAT/STABLE product rather than trying to market/sell it. Marketing and selling are the skills I really need to improve on, but I will do so later on.
Thanks a lot! If you son needs any help in phoenix, let me know well I can't help much anyway since I'm new too but you know what I mean.
My employer did not give me anything. So what you would recommend right now is to change it from 0 to 1. Would that mean overall income, I'll earn more by leaving it at 0 and getting the refund, or by changing it to 1 and getting the half refund, or does it not matter?
Then next tax season, just claim the moving expense and that's the best I could do, correct?
I asked 2 of my friends if they wanted to get married and have 5 kids, sadly both of them said they don't want 5 kids.
LOL! I didn't plan on 4 either, it just "happened". We had twins the third time, or it would have been just 3!
You will get the same pay either way you elect, it just changes when you get it. You can either claim 1 and get the additional $38 every paycheck, or leave it at 0 and get it back in a lump sum next year when you file taxes. Totally up to you.
You can claim at least the moving expenses, but it all depends on what else goes on in your life this year. You might be able to claim other things too, but at a minimum, the moving expenses when you file a form 1040.
My son would love to find a real job in Phoenix, as he's just working two part time ones now. He is still looking, but at least earning a paycheck for now. His girlfriend is at ASU getting her masters, so he's just biding time until they can move back to TX, or elsewhere. He has a BS in Communications - Radio, TV, Film and would really like to find a job in LA.
You need to visit with an accountant -- a good one. Be a little careful in your selection. A good accountant will not only pay for himself at tax time, but guide you in business decisions throughout the year. Don't be TOO concerned about avoiding taxes. That can easily lead you to poor business and investment decisions. I learned that the hard way. And DO NOT buy a house thinking it's going to pay for itself in tax savings. It may not save you a dime!
You do need to report your income from your business to the IRS. Failure to report your income is a CRIME! The good news is, you can probably find enough expenses to offset that income, and maybe part of your salary.
I own/run a couple businesses and have owned and run several in my lifetime, one that grossed a few million per year. My income picture is a bit complicated. For the past couple years I've not itemized deductions, meaning I did not deduct anything for the mortgage interest on my home. I don't think.
My accountant may have figured some of that as expense for my in-home office and studio space, along with part of my home's utility expense, lawn expense, phone expense, upkeep expense, etc. Those are deductions for my businesses, but I don't itemize to use them. My accountant always figures my taxes with itemized deductions and standard deductions, then uses whichever one saves me the most in taxes. You probably can't use your home expenses as a business expense, but a good accountant will be able to advise you on that, whether you own or rent. (If you have a home office that you use expressly for your business, you probably can. Also keep in mind, there's a limit to how many years your business can lose money before the irs calls it a hobby. See your accountant.)
I just read about your small business stuff. Must have missed it before. But you do need to talk to a CPA if this is your fist time filing. I had a side businesss myself for about 10 yrs, and you can deduct a lot of things against your income. I had IRS "losses" in several years but still made money from the business due to the deductions I was able to take. The $300 a month you get, that is taxable income you have to pay taxes on too, unless you have enough deductions to offset it. Now before you got your job, if you made less than $10,000 a year you would probably not owe any real taxes due to your exemptions, but since you have a job, you will have to count it and pay taxes. Does the company send you a form 1099 at year end? If they do, then that is automatically flagged as taxable income by the IRS. But almost anything you use for the business you can deduct against the income to reduce the net amount and therefore the taxes you will pay. Looking at the Schedule C instructions as noted above is helpful on this.
Again, you really need to talk to a CPA about this business, at least to get things straight.
You need to visit with an accountant -- a good one. Be a little careful in your selection. A good accountant will not only pay for himself at tax time, but guide you in business decisions throughout the year. Don't be TOO concerned about avoiding taxes. That can easily lead you to poor business and investment decisions. I learned that the hard way. And DO NOT buy a house thinking it's going to pay for itself in tax savings. It may not save you a dime!
You do need to report your income from your business to the IRS. Failure to report your income is a CRIME! The good news is, you can probably find enough expenses to offset that income, and maybe part of your salary.
I own/run a couple businesses and have owned and run several in my lifetime, one that grossed a few million per year. My income picture is a bit complicated. For the past couple years I've not itemized deductions, meaning I did not deduct anything for the mortgage interest on my home. I don't think.
My accountant may have figured some of that as expense for my in-home office and studio space, along with part of my home's utility expense, lawn expense, phone expense, upkeep expense, etc. Those are deductions for my businesses, but I don't itemize to use them. My accountant always figures my taxes with itemized deductions and standard deductions, then uses whichever one saves me the most in taxes. You probably can't use your home expenses as a business expense, but a good accountant will be able to advise you on that, whether you own or rent. (If you have a home office that you use expressly for your business, you probably can. Also keep in mind, there's a limit to how many years your business can lose money before the irs calls it a hobby. See your accountant.)
A loss can be claimed as long as you show your intent was to make a profit.
At your job, set your dependents at 3 to get the most money back on a paycheck
It doesn't matter if you actually have dependents or not. This way you get money upfront. You dont want to be getting a refund cause that means you lent the government money. What you want is to have to pay a little money during tax time.
I didn't read all the posts. Although glancing down I see something about owning a business which changes things PERHAPS.
This is what you're SUPPOSED to do.
First educate yourself on filling out an Income Tax "short form" (no deductions) or a longer form itemizing deductions.
Regardless, you can pretend you have no deductions and assume you'll be filing a short form. Until you get around to understanding the difference between short form and deductions.
Then you'll continue to pay the regular tax for a single person with no deductions. (tax is called "withholding" when you're accruing it during the year).
Now go to this IRS site and use the withholding CALCULATOR which will tell you if you are on target to be paying the correct amount when you file next year or not.
Generally when you start work with a new place and you select single, no dependents, the tax is right-ish and you'll probably get a little something back.
And remember the NUMBER ONE JOB of the Federal Government is to PROTECT the COUNTRY.
How they do that is up for debate but it does not extend to free childrens' "school" meals 3x per day 365 days per year, stupid studies about stuff that other countries do like make pottery, and lots of other domestic programs and FAKE earmarks like studying shrimp on a treadmill.
Buying fans to increase State Dept LIKES ON FACEBOOK
Pole dancing in Austin
A Million Dollar bus stop in Virginia
Comic Book Documentaries
Grants to get China to drink red wine
Paying for a Hollywood Party by the HHS dept of mental health at the same time cutting funding for mental health during shutdown
Everything is documented.
It's called The Wastebook, by Senator Tom Coburn
Read it and weep. Then vote for LIMITED GOVERNMENT just like our founding fathers warned us.
I am really new to the workforce, so sorry if this sounds like a really newbie question. I am not sure but I feel like I am paying way too much for tax? If I'm not, then, why the hell do we need pay that much?
This is my 2 weeks pay rate:
Total Earning:*$2,270.76
Taxable Gross:*$2,270.76
Total Deduction:*$621.71
Net Pay:*$1,649.05
Taxes/Deductions
Soc Sec - $140
FEDL Tax - $386.68
AZ State TX - $61.31
Medicare - $32.93
I am paying 28% of my earning on Tax! This is ridicoulous. I am single and I have 0 dependent. I've selected 2.7% Taxable wage? I don't even know what that is.
Anyway, I think I am paying too much... What do you guys think? Is there anything I can do to improve this?
Will I get a lot of them back on Tax Refunds?
Any tips/suggestions? Thanks a lot.
Don't count on it.
The costs of government are going up.
You didn't think Obamacare was actually free did you??
You didn't think Obamacare was actually free did you??
Exactly.....that is why the OP needs to go to a great CPA and use his business to his advantage.
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well I can't help much anyway since I'm new too but you know what I mean.
