Contractors Method
My tax deductions with be more than my income for 2008, do i have to pay taxes?
I work as an independent contractor and use the mileage deductions method. At 50 cents a mile, i will be able to deduct more than my income, it will appear as if i had a net loss. Do i still have to pay any self employment taxes or any other taxes?
No, you won’t owe any taxes, but you must file a return and be sure you can “document” your deductions with adequate records.
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