Being self-employed I am having a difficult time getting information on how my gross income is calculated or in other words what kind of business expenses i can deduct off of my 1099s before they count towards CS as gross income.
And how the heck do i stay current when i have no idea what the year-end bottom line will be?
Anybody got experience for TX or even just generally as one in a similar situation?
Makes for better feelings when one understand that one is paying the proper amount. No problem supporting the kids. Feel me?
"Even if you are on the right track you get run over if you don't move"
I am not sure specifically,but, I do know that the following would probably be true:
1. YOu would deduct your income tax, self employment tax and self employment health insurance premiums.
2. You would NOT deduct depreciation, amortization, percentage of home use deductions, interest on mortgage debt expense, travel and entertainment
If you have been self employed for three years or more they may "average" the calculation if the income has fluctuated, but it would simply be your net income after expenses. They would add back certain discretionary expenses or non-expenses (as in #2 above), and determined a "cash flow" based on a calculated "net disposable income"....
I may be way off, and I am just guessing based on accounting principals for showing self employment income on lending scenarios.
Don't worry about what you cannot control. Focus on what is legally relevant, not morally indignant or petty.
THIS IS AN ATTORNEY ADVERTISEMENT. CORDELL & CORDELL, ST. LOUIS, MO. Attorney services are provided by licensed attorneys in every state where Cordell & Cordell offices are located. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
Joseph Cordell, Principal Partner, licensed in MO and IL only. Michelle Ferreri licensed in PA and NJ only. Offices in Pittsburgh and Philadelphia, PA. Kimberly Lewellen licensed in CA only. Dorothy Walsh Ripka licensed in OH, IL, MO, KY and TX only. Jerrad Ahrens licensed in NE and IA only. Lauren Dabule, Florida Resident Partner. Tampa, FL.