So, anyone on here good with tax returns?

[DMelt36]

I've got a large dilemma this year.

The short of it is that I work two jobs: one of them freelance work that is not taxed. I thought my other job, which has income that is taxed, would offset the difference of the non-taxed income in April, since the taxed income is roughly 65% of my total income.

Well, I was wrong. By a lot. And now I'm staring down a potential payment of four digits to the government (state and federal) in a month.

My question is this: Both of my jobs involve a TON of driving. I've already written off all the mileage for my freelance work. But if I write off the mileage that I racked up with my other job (the one where the income is taxed), is that going to make a significant difference? We're talking thousands of miles here.

I know tax professionals are the best at this, but I'd probably get a few hundred dollars more tacked on to the massive debt I'm already going to owe, so I don't know if I can afford to do that. Any help/info that the wonderful people of CCS can provide would be much appreciated. I've already scoured Google and will continue to do so.

 

[botfly10]

This kind of situation, its best to go to a pro.

 

[nwfisch]

2nd what Botfly says.

Its best to find a person you trust and they'll do what they can for you.

My folks and I have been going to the same guy for years, and he always maximizes our returns.

 

[DMelt36]

This kind of situation, its best to go to a pro.

Yeah, that's what I'm worried about it. But I don't know if I can throw around another few hundred bucks when I'm already over $1k in the hole.

 

[Crystallas]

So technically, it's not a tax return, but just flat out paying taxes.

I've done a lot of taxes this year, and don't feel like doing it again. The Tax Code should be a high school requirement in this country.

 

[DMelt36]

So technically, it's not a tax return, but just flat out paying taxes.

I've done a lot of taxes this year, and don't feel like doing it again. The Tax Code should be a high school requirement in this country.

Yeah, just thought the refund from one job would cancel out the debt on the other. I was wrong.

I've already got plans to set aside money for next April. Unfortunately I'm not exactly overflowing with money so it's not like I can set aside a ton.

 

[Crystallas]

I hate doing itemizations. I run my own business and work alone. The sheer amount of record keeping makes it hard to get certain things done. That being said, if your records are crap for mileage, then not many tax attorneys will be able to get much, if anything back for you. Unless you want to risk an audit and try something tricky that only insiders know will work. That's why I stay out of other people's tax business. It's all double standards.

Good luck anyways DMelt. I hope you find a pro to help you, and even write themselves off.

 

[nwfisch]

So technically, it's not a tax return, but just flat out paying taxes.

I've done a lot of taxes this year, and don't feel like doing it again. The Tax Code should be a high school requirement in this country.

The Tax Code should be simpler...but that's an argument for another thread :tiptoe:

 

[botfly10]

The irs is probably gonna want you to pay quarterly next year.

 

[fenderpfunk]

As a musician who makes a substantial percentage of income through freelance work - I can tell you that gas and many other expenses can and should be written off by a good accountant. Find someone you like (quickly) and go through all of your expenses and you should significantly lower the number in which you owe.

 

[fenderpfunk]

Bot is correct about the quarterly statement.

 

[SERE Bear]

Take a little time and enter both incomes and deductions into turbo tax. One year When i had a business I used a tax service then compared them to Turbo Tax. TT actually asked more questions and allowed for more deductions than the tax service.

You dont pay unless you file with TT and it will give you an idea what the combined milage would yield.


Good luck,