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I started working in boats with salaries above average than the ones that I get on land based jobs.
After an Alaska season I got about 30 k in three months after taxes.
The pay before taxes was 45 k.
So, my simple math tells me 15 k went to the IRS, social security and medicaid. That is about 33%.
If I do the taxes with the standard deductions I get a refund of 5 k which leaves the IRS with 10 k of my
hard earned money. These are all round numbers.
By the way I do claim single status.
Instead of doing the standard deductions I would like to deduct my own expenses in order to get
back all the money that the government takes away from me.
So if I get that percentage or amount that they take from my check, would that be the amount of money
that I would have to spend in deductible expenses in order to break even?
Because I work in the maritime field, what specific expenses can I deduct? Travel expenses like flights, lodging,
car rental and the like or what else?
When I pay for those expenses, do I have to pay with a debit card from the account the wages go into or
can I use any credit card?
There are many other jobs in the industry that pay straight (1099) money so I have to come up with some
expenses if I do not want to end up paying a lot of my income as taxes.
Is it convenient for me to open an LLC for this last case or for any employer and work as a contractor instead of
as an individual?
I strongly appreciate any advice.
Thanks.
After an Alaska season I got about 30 k in three months after taxes.
The pay before taxes was 45 k.
So, my simple math tells me 15 k went to the IRS, social security and medicaid. That is about 33%.
If I do the taxes with the standard deductions I get a refund of 5 k which leaves the IRS with 10 k of my
hard earned money. These are all round numbers.
By the way I do claim single status.
Instead of doing the standard deductions I would like to deduct my own expenses in order to get
back all the money that the government takes away from me.
So if I get that percentage or amount that they take from my check, would that be the amount of money
that I would have to spend in deductible expenses in order to break even?
Because I work in the maritime field, what specific expenses can I deduct? Travel expenses like flights, lodging,
car rental and the like or what else?
When I pay for those expenses, do I have to pay with a debit card from the account the wages go into or
can I use any credit card?
There are many other jobs in the industry that pay straight (1099) money so I have to come up with some
expenses if I do not want to end up paying a lot of my income as taxes.
Is it convenient for me to open an LLC for this last case or for any employer and work as a contractor instead of
as an individual?
I strongly appreciate any advice.
Thanks.