Tax Question - K1

DaddyTorgo · 04-07-2013, 04:14 PM

K1 - box 14

Why is my (A) Net Earnings (loss) from Self-Employment like...a lot different than my (C) Gross non-farm income?

DaddyTorgo · 04-07-2013, 05:05 PM

I don't like my tax bracket - I need some more big deductions...a mortgage or a whole bunch of kids.

Shkspr · 04-07-2013, 05:14 PM

Is...is it because you work on a farm?

DaddyTorgo · 04-07-2013, 05:58 PM

Quote:

Originally Posted by Shkspr

Is...is it because you work on a farm?

lol nope - not at all.

i'm self-employed...i wonder if it has something to do with my capital contribution in the llc or something.

Just thought it was weird.

Autumn · 04-07-2013, 07:51 PM

I think the C has to do with the business's total revenue. It's not your earnings at all, but is perhaps gross receipts of the business. We have our own business, and that's how ours gets recorded - imagine it's similar in a bigger firm.

DaddyTorgo · 04-07-2013, 07:52 PM

Quote:

Originally Posted by Autumn

I think the C has to do with the business's total revenue. It's not your earnings at all, but is perhaps gross receipts of the business. We have our own business, and that's how ours gets recorded - imagine it's similar in a bigger firm.

No bigger - there's just two partners and a third employee.

That might make sense - if it was the total revenue of the business, not the profits. I didn't look at the business returns to see if that was the case, but it sounds logical.

Anyone got some deductions they want to give to me? Haha.

Swaggs · 04-07-2013, 08:48 PM

Depending on your income and what type of benefits your employer (/company - I imagine) offer, you can still stick $5K into a traditional IRA up until April 15th.

DaddyTorgo · 04-07-2013, 08:53 PM

Quote:

Originally Posted by Swaggs

Depending on your income and what type of benefits your employer (/company - I imagine) offer, you can still stick $5K into a traditional IRA up until April 15th.

Did that today actually - I hadn't done it before, but this was the year to start it.

04-07-2013, 05:05 PM	#2
DaddyTorgo Hall Of Famer Join Date: Oct 2002 Location: Massachusetts	I don't like my tax bracket - I need some more big deductions...a mortgage or a whole bunch of kids. __________________ Get bent whoever hacked my pw and changed my signature.

04-07-2013, 08:48 PM	#7
Swaggs Coordinator Join Date: Oct 2000	Depending on your income and what type of benefits your employer (/company - I imagine) offer, you can still stick $5K into a traditional IRA up until April 15th. __________________ DOWN WITH HATTRICK!!! The RWBL Are you reading In The Bleachers?

04-07-2013, 05:14 PM	#3
Shkspr College Benchwarmer Join Date: Nov 2000 Location: Amarillo, TX	Is...is it because you work on a farm?

04-07-2013, 07:51 PM	#5
Autumn Head Coach Join Date: Feb 2003 Location: Bath, ME	I think the C has to do with the business's total revenue. It's not your earnings at all, but is perhaps gross receipts of the business. We have our own business, and that's how ours gets recorded - imagine it's similar in a bigger firm.

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