How do i pay no taxes on my full time job now that i have a part time home based business?

Question

How do i pay no taxes on my full time job now that i have a part time home based business?

Answer 1

you still need to pay taxes, even on your home based job

Answer 2

Huh?  Both your full time job and any net income from your home business are taxable.  You'd file a schedule C or C-EZ showing your business income and any associated allowable expenses, and a schedule SE to calculate your self employment tax.  The numbers from the bottom of the two schedules will go onto a form 1040 (not 1040EZ or 1040A) to calculate your total tax owed.  The income from your full time job will also go on the same form 1040.

Answer 3

You don't.  Your wages are still taxable.

Answer 4

In your dreams, I guess.  All income is taxable unless explicitly exempted and wages and self-employment income are fully taxable.  On top of the income tax levied on both, you'll also pay Self-Employment taxes on the net profit from the home business.

Answer 5

Only if you make a loss from your part time home business.

You business income is also subject to SE tax.

Read more about self employed tax filing: http://taxipay.blogspot.com/2008/04/tax-...

Answer 6

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