@biggxjessentially what this means is that you maintain records and documentation of all of the expenses you pay. Then you classify them as either start-up expe...
Keep in mind that you are paying two (technically three) different types of taxes here being self-employed:
The $32,000 in taxable income taxed at approximatel...
You are correct.
ST rentals that average 7 days or less are reported on Schedule E and not subject to self-employment tax unless you provide substantial service...
You need to meet with a tax professional as there are too many questions that require understanding the specific facts of the transaction:
"I am part of a firm...
The original question / post indicated a cost basis of $117,256 which when multiplied by the IRS table rate provided the $4,263 figure in my reply.
The facts no...
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