New Student with a question

[Shma]

deleted

 

[Anastasia Marie]

Two things

1) EIC is not a business-related issue. It applies whether you are an employee or self-employed. Has nothing to do with business expenses / write offs. You can't base a business plan around having children under 18 or not.

2) I am guessing elsewhere's original line of thought was if you have enough expenses, you don't make a profit, so you don't get taxed. That is directionally correct, but substantially not true. Plus, to pay for the EIC, the government came up with the AMT - Alternative Minimum Tax, which prevents anyone making over a certain amount from minimizing their tax liability down to 0. You can have all the legitimate deductions in your business that you want, in an effort to reduce your personal tax burden, but ultimately the Gov't says "you make too much money to pay no tax", and you get walloped, rendering all those "write offs" as useless.

 

[Quan Le]

The point I was really trying to make is that one should not scrimp on supplies. In the end whether by making an impression on people or just elevating your professional profile they are usually a good investment. They are indeed a "business expense" and not a write off but as a "business expense" I'd much rather pay for good supplies and have it decrease my tax burden. I apologize for my clumbsy wording and thank R&R for clarifying the intent.

 

[Angela]

Heather, since you're a student, bargainhunting makes sense. When I was in school I saw students bring in old sheets from home as well as anything they could find on clearance. I received massage on sheets that were patterned with everything from Snoopy to Superman. : Since students aren't eligible for business expenses (since they're not in business), cutting corners is common.

Once you graduate and start your professional practice, follow Elsewhere's advice. At that point, clients will be paying a premium for your services and deserve premium supplies.

 

[annabellee.x]

Thank you to everyone...I appreciate all the ideas and advice.

I went to Walmart and found some sheet sets for only $7.00 (for fitted, flat and case) so I bought 2 of those.

I was tempted though...well, tell me what you think of this...in the fabric department there was the SOFTEST and sooooooo comfy fabric that came in a rich wine color as well as a cranberry or an emerald color. It was a crushed velvet that was thin, like a sheet. Do you think that could be used? My son found it and just kept rubbing his cheek on it saying that it was heaven and I should have people lay on that. But I didn't know if it had to be cotton or flannel like a typical sheet would or not. It was on sale too - only $2.00 a yard. What do you think of that?

By the way...I don't know about other states, but my husband's accountant said that now students CAN write off all their education and expenses for the education in massage therapy. So, it would be a good idea for everyone to check into that. (Or find an accountant that can work numbers really well and place them well...maybe that's what he's going to do - LOL)

Thanks again everyone!

Wishing you well,
Heather in Texas