Taxes and Charity Donations

Your question is a bit hard to answer since it's unclear what you plan to do. Basically you can give whatever you want to charity. How much you can count to offset your taxes is another question which you can find out by going to the IRS website or even googling for the answer.

Federal taxes are the same for every state but since you live in Texas you don't pay state taxes. Please double check and make sure you are saving enough and BE AWARE THAT YOU SHOULD BE PAYING YOUR TAXES QUARTERLY.

Don't forget about Social security,( i forget what it's called--FICA maybe). As a business owner you pay 15% for that since you do not have an employer to match your contribution.

And as with all advice given here you should check with a professional who understands your situation.

Instead of getting smart you could have used your common sense and realized that some people had actual careers before coming to this forum and guess what mine was..an accountant for 4 yrs with AG Edwards.

He probably figured with everyone claiming to make money on here they would be able to give him some basic info about their experiences..who would of thought..

Anyway to the op, you have to pay your SE taxes which is self-employment taxes as long as you made $500 or more..I believe..it could be more or less..it's been 2 yrs since i've been in that field and I wasn't a tax accountant.

How much you pay depends on a lot of things, do you have employees, when your 'fiscal year' ends, etc..but I'm sure you can look on the IRS and find more detailed info. You also have to pay throughout the year. We don't have the luxury of waiting until the end of the year and just filing like people who have an employer.

Some people still file as individual but I wouldn't recommend that,but make sure you pay throughout the year so you won't end up owing in the end.

Ps...I believe It's a gentleman on here who was also an accountant so don't feel bad for asking your question here, but you should really look more into it from the actual IRS.

Of course I can take a joke and me telling him I wasn't a tax accountant is me telling him a tax accountant could go into more details about his question concerning taxes.

And like you..I stand by my post, he probably asked here since people here SHOULD be paying there taxes and could give him a general idea about paying taxes since..wait...they've already paid theirs. I pay mine throughout the year (as stated) but I can't go into detail about what HE needs to do, it's not the same situation as what I would do (hence me giving him a general idea.)

The real problem with this forum is people talk a good game but when it comes down to asking the REAL questions, no one has an answer, but yet you just gave this detailed reply about how my post was not helpful. Why couldn't anyone give a detailed response about paying taxes?? Maybe no one pays them because they're not really making any money. (of course I'm not speaking about everyone so please don't flood my PM box with *hate mail* like you all seem to do..if you don't like my responses, don't read them)

Am I saying you have to give a full life story about what you did with your taxes, how you did it, etc..of course not, a general idea instead of *you should ask a board full of non accountants*

If I were to ask how to get 1,000,000 fans to a fanpage their would be a lot of responses (who can't tell you that after reading it in a wso) but the same way you took the time out to comment with this foolishness should be the same way people respond to real, genuine answers..but anyway that is my story and I'm sticking to it.

I couldn't care less if you really think I was an accountant or if you know about AG Edwards, I told the OP (not you) that so he would know that I have accounting experience, so my answers were based off the general information that *I*, Deidra Renee' have, but if it didn't help him, oh well..I tried and I also told him where to go to find more detailed information.