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In NYC the taxes are much higher on the self-employed. I asked my CPA why this is and he said "well you get more deductions." Hmm, not really, but okay, I guess
by cylinder 12y ago
In NYC the taxes are much higher on the self-employed. I asked my CPA why this is and he said "well you get more deductions." Hmm, not really, but okay, I guess NYC is expecting me to take some frivolous/borderline deductions?
- granos 12y agoThey don't have to be frivolous. Do you have an office in your primary residence? Take the cost of that residence (rent or mortgage) * (area of office / area of residence) and deduct that. Bought new paint for that room? Deduct it. Did you get a new computer that you use for work? Deduct it. But talk to your tax professional first because I'm not one and this is not advice :)
- mgkimsal 12y agobut those are just general - nothing you mentioned is specific to nyc.