Timeline for Self-employed net income for affordable housing - valid to take from profit/loss?
Current License: CC BY-SA 4.0
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| Dec 20, 2018 at 17:28 | comment | added | cbeleites | Oh, and I don't know how it is in your region, but over here e.g. the chamber of commerce sometimes has rather informative crash courses on these things, and also startup initiatives at/close to universities have informative zero to low cost short courses on such practical accounting questions. Definitively worth while looking into, I'd say. | |
| Dec 20, 2018 at 17:26 | comment | added | cbeleites | I'm also closer to your scenario than to the store owner. Anyways: business expenses are what the business needs to work: if you travel to meet a customer that's a business expense. Your own living, however, is not (similar to an employee who has to pay for their food from their salary). What you are allowed to subtract as business expense will depend on your legislation (I'm not in the US and never ran a business there, so don't know details). E.g. I can deduct a new computer only if it is clear that it is used exclusively for business. | |
| Dec 20, 2018 at 1:09 | comment | added | ina | Okay, so I'm not a store - though I wish I had an easier case... I'm an independent software developer who spends most of her time working on art. I win a lot of contests and won about $32,000 in contests. However, I do have living fees that that is deducted from - and I also travel. | |
| Dec 19, 2018 at 19:04 | comment | added | cbeleites | Do not confuse sales with profit. Your 3.5 % profit-to-sales ratio is e.g. typical for retail stores in Germany. As a grocery store owner, you'd maybe spend each day on average ≈3860 € on goods and running expenses, have a stock of maybe 10 - 15 k€ and have average sales of 4 k€. So average profit per day would be 140 €. Over 250 opening days per year, you'd earn 35 k€. (I'm not a native speaker, but I'd have described this as making 35 k rather than making 1 M). Note that neither are they likely to be asset millionaire - their stock is only a few days' sales. | |
| Dec 18, 2018 at 15:00 | history | tweeted | twitter.com/StackFinance/status/1075043199599677441 | ||
| Dec 18, 2018 at 11:58 | history | edited | Chris W. Rea |
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| Dec 18, 2018 at 5:12 | answer | added | Justin Cave | timeline score: 8 | |
| Dec 18, 2018 at 4:25 | history | asked | ina | CC BY-SA 4.0 |