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Paying taxes on scrapping

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metz12 Paying taxes on scrapping 11-24-2014, 05:16 PM
miked You need to consult with a... 11-24-2014, 06:21 PM
Patriot76 I agree with Miked. Consult... 11-24-2014, 06:41 PM
Abuilder You know you have to start... 11-24-2014, 08:03 PM
mikeinreco who would keep scrap money in... 11-24-2014, 08:05 PM
Abuilder Not me. LOL The little bit... 11-24-2014, 08:17 PM
Rollyrogers33 i have been shopping around... 11-24-2014, 10:19 PM
miked Like most things in life if... 11-25-2014, 04:56 AM
phred59 I'd avoid that one. No... 11-25-2014, 01:57 PM
KzScrapper All income is to be reported... 11-25-2014, 03:36 AM
msmoorad here we get a separate page... 11-25-2014, 04:15 AM
phred59 also why people use multiple... 11-25-2014, 02:02 PM
webuyselltradestuff Just keep your receipts where... 11-25-2014, 10:38 AM
metz12 Thanks alot guys for all the... 11-25-2014, 12:43 PM
ScrapperTrecycling My scrapyard just told me... 11-25-2014, 01:25 PM
KzScrapper That may be true for everyday... 11-25-2014, 02:21 PM
t00nces2 My scrap gets sold for a... 11-25-2014, 04:02 PM
phred59 that will work until they... 11-28-2014, 08:22 PM
logansryche I know in Liverpool/Syracuse... 11-25-2014, 06:27 PM
KzScrapper Hate to break it to you but... 11-26-2014, 04:36 AM
Sirscrapalot Asking for tax advice online... 11-26-2014, 08:40 AM
newattitude Keep track of your mileage... 11-30-2014, 06:18 AM
mthomasdev New, Very good advice! ... 11-30-2014, 06:51 AM
mthomasdev Here is an IRS link about... 11-30-2014, 07:00 AM
newattitude ^^ Yeah, its all about the... 11-30-2014, 07:26 AM
JustInTime That's good info right there.... 12-31-2014, 05:40 AM
numbers Yes you can deduct your EBay... 12-31-2014, 07:09 AM
armygreywolf I deal with a bank who's... 11-30-2014, 10:49 AM
KzScrapper If you use the Straight... 11-30-2014, 02:52 PM
DakotaRog I've used the H&R tax... 12-21-2014, 06:10 PM
  1. 11-25-2014, 03:36 AM #10
    KzScrapper is offline
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    All income is to be reported and you will pay Self Employment Tax (also know as FICA or Social Security) on that after business expenses are figured in. Being Self Employed you will pay much more SS since you don't have an Employer matching the Tax. Federal and State Income Tax is a different animal and will depend on what your Taxable Income is after Personal Exemptions and Deductions are figured.

    Turbo Tax is a great product and usually at some point they let you try it for free so you can get an idea how it works. Currently you can only review the product.
    https://turbotax.intuit.com/personal...d-business.jsp

    Recyclable Material Merchant Wholesaler
    Certified Zip-Tie Mechanic
    "Give them enough so they can do something with it, but not too much that they won't do nothing."

  2. The Following 4 Users say Thank You for This Post by KzScrapper:

    miked, Patriot76, pjost, Rollyrogers33
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