Getting tax in line

General Discussion for SMART Scholarship Recipients

Getting tax in line

Post by DeathAndTaxes »

Hi all,

I was hoping I could get some basic questions answered here for not only be but everyone else.

Tax season is nearing and I wanted to get things rolling.

1)TYPICALLY, what % should someone look to owe back in taxes with XXX stipend income? I know some haven't owed too much since they haven't been "required" to 1099 the money so I have a feeling this year could be different with the change of management.

2) I know we should be deducting and writing off nearly everything but how much is too much? So far I have done research supplies, books and other things that (Since I consider myself a self business now) "office type supplies" and necessary in order to function like a business would. Does this include purchase of a vehicle? Im needing to buy a cheap used one for get to my sponsoring facility this summer.

Is there anything else I should be aware about?

Hopefully this can generate some discussion!

I would like to note: I hope others are aware not to take tax advice from here and should consult with an actual accountant. This just to make aware of the situation and inform people so they can consult their accountants being well informed and hopefully save some more money.