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Thread: Getting Money Back On Taxes

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    Default Getting Money Back On Taxes

    Hi,

    If you are paying taxes as an ind. contractor is there any possible was you can get money back?

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    Default Re: Getting Money Back On Taxes

    Why would you want to? People who overpay are the ones who get money back. IMO, you would be better saving/investing money instead of loaning it to the government.
    If you are making estimated quarterly payments as an IC, it doesn't really make sense to try to get a refund.

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    Default Re: Getting Money Back On Taxes

    I have always gotten a tax refund after doing my "end of financial year" tax return. You need to be more specific. Are you after information on what you can deduct?

    I have alot of deductions because I am not just an entertainer. By having my own website and an online store I can deduct alot as well as being a private party entertainer and model I can deduct even more.

    I love over-paying as it is the biggest thril to get a cheque BACK with money. Plus then the cheque itself (the tax refund cheque) is NOT classed as income when I cash it in!! I pay quarterly in my country.


    enter: E3167322D9 for your 10% discount

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    Default Re: Getting Money Back On Taxes

    um..write off your expenses! shoes, clothes, travel to and from gigs, etc...

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    Default Re: Getting Money Back On Taxes

    Here in Australia travel to and from home to any work place (be it a strip club or a booking of some kind) is NOT deductible UNLESS you have a home-based business. Plus it has to be a business not a "paying hobby" (there are tests you can find on the Australian Tax Office website to determine if you do have a business and not a "paying hobby").

    This is where having your own website of some kind and/or online shop can come in handy !! Then you aren't just going "from home" ... you are travelling from work to another place of work (as such) and then it is deductible.


    enter: E3167322D9 for your 10% discount

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    Default Re: Getting Money Back On Taxes

    If you are paying taxes as an ind. contractor is there any possible was you can get money back?
    If I'm interpreting this correctly, I think the question being asked is if an independent contractor can actually get more money back from the IRS than she paid in i.e. receiving a net 'handout' from the gov't. This would have to involve things like child care tax credits, educational tax credits, green/energy efficiency tax credits etc. In theory I suppose it is possible if the dancer's 'business earnings' were low enough.

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    Default Re: Getting Money Back On Taxes

    in america anyhow, i never understood why people wanted to let the gov't use their money interest-free for a year when they could, you know, HAVE IT THEMSELVES AND COLLECT SOME INTEREST ON IT.

    now if america had tax-free refund checks, then i could see why one might want a lot of money back. but since we don't, i just always found it puzzling that people would crow over getting money back when they could have put the money in a small bank account or something and at least gotten a little interest off it after a year.

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    Default Re: Getting Money Back On Taxes

    n america anyhow, i never understood why people wanted to let the gov't use their money interest-free for a year when they could, you know, HAVE IT THEMSELVES AND COLLECT SOME INTEREST ON IT.
    Actually, where sole proprietor businesses are concerned, this is not true. In order to 'collect some interest' on their tax money they would need to deposit it in a bank account or CD. But if a sole proprietor business person fails to make quarterly estimated tax payments of sufficient size to cover the tax due on their quarterly earnings (which would be the case if the estimated tax money was put in the bank account or CD instead of paid out via a check for estimated taxes), then the IRS will hit that sole proprietor business person with penalty charges plus interest charges for the underpayment shortfall amount. Given that the bank / CD interest earned is taxable, and given that the IRS interest rates are higher than the bank / CD interest rates, it is FAR less expensive to make the correctly sized quarterly estimated tax payments to the IRS.

    Estimated tax overpayments to the IRS resulting in a tax refund the following April do not earn interest, this is true. Therefore, the trick is to size the estimated tax payments as accurately as possible to avoid IRS penalty charges and interest charges on underpayments but to also avoid giving the IRS a 'free loan' re overpayments.

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