Hi, I live in California, am mostly self-employed. I've been working on my 2018 taxes, and using tax.creditkarma.com and turbotax.com. I've been comparing entries in both to see which would be better. I did it myself and had 4 sources of income.
I work in tech, and don't have a lot of expenses. After deductions, it looked like I would owe $12k, and filed a Federal and State extension yesterday. I haven't paid anything yet.
Income is roughly as shows:
*I haven't entered that yet.
I have some small investments, I didn't even list them in either program:
~$100 in an IRA
$500 in fundrise.com
$100 in swell.com
Through turbotax I was able to speak with a CPA, and she showed me options if I invest in either a Roth, SEP, and Keogh IRA, I could save a little bit. I learned that the Roth option expired 4/15, but the other I have until later.
Seems it's a 10:1 ratio, that is, if I put in 10k, I can save 1k on my taxes.
I've been interested in buying a house, and was told it's advantageous to show more on my tax returns, although, I want to pay as little taxes as possible. I will most likely use the installment plan.
I don't want much, if any penalties, and of course, have proper investments.
Have I missed anything to lower my 2018 taxes and keep my penalties low? What can I do to keep my penalties down?
I work in tech, and don't have a lot of expenses. After deductions, it looked like I would owe $12k, and filed a Federal and State extension yesterday. I haven't paid anything yet.
Income is roughly as shows:
checks, credit cards, wire transfers | 30000 |
2 1099-MISCs | 20000 |
paypal* | 7000 |
W-2 | 1700 |
total | ~60000 |
I have some small investments, I didn't even list them in either program:
~$100 in an IRA
$500 in fundrise.com
$100 in swell.com
Through turbotax I was able to speak with a CPA, and she showed me options if I invest in either a Roth, SEP, and Keogh IRA, I could save a little bit. I learned that the Roth option expired 4/15, but the other I have until later.
Seems it's a 10:1 ratio, that is, if I put in 10k, I can save 1k on my taxes.
I've been interested in buying a house, and was told it's advantageous to show more on my tax returns, although, I want to pay as little taxes as possible. I will most likely use the installment plan.
I don't want much, if any penalties, and of course, have proper investments.
Have I missed anything to lower my 2018 taxes and keep my penalties low? What can I do to keep my penalties down?