Courtesy of the Internal Revenue Service [See the Resource Box below, for links] The Small Business Administration’s Small Business Training Network has introduced two new free online finance courses to help small business owners with the basic principles of finance and borrowing: Finance Primer: Guide to SBA’s Loan Guaranty Programs How to Prepare a Loan […]
Category Archives: Self-Employed
Today TaxMama hears from Kathy in Florida who tells us. “My husband currently works “under the table”.us overnight pharmacy https://buynoprescriptionrxxonline.net/us-overnight-pharmacy.html no prescription We declare his total income and are subsequently hit every year with owed taxes. Would it behoove us to make him a sole proprietor of his own yacht cleaning business? Would we be […]
Today TaxMama hears from Terry in Texas, who has this common situation. “I am an independent consultant for two companies and sell jewelry on the side.buy zovirax online pharmacohealthcare.com/wp-content/themes/twentysixteen/inc/engl/zovirax.html no prescription Should I have a separate business account for each business? Or can I have one account; and make sure a have good records?”
Courtesy of IRS – FS-2008-20, April 2008 WASHINGTON—Internal Revenue Service research indicates that understated business income contributes significantly to the tax gap, with the majority understated by small businesses. To assist small business and self-employed taxpayers better understand their reporting obligations, this fact sheet addresses the issue of income and how to determine gross income. […]
Today TaxMama hears from Andre in Houston, who tells us. “I read your article on Marketwatch with interest. I am out of work right now, about to give up looking for work, but was wondering about some of the home business opportunities you mention in your article. Most of the “opportunities” I’ve come across are […]
Today TaxMama hears from Brian in Connecticut, who says.buy uk finasteride online www.mabvi.org/wp-content/languages/new/uk/finasteride.html no prescription “I did some work for a guy in 2007.https://www.cinewebradio.com/wp-content/languages/new/custom-writing-services.html He paid me with business checks totaling $6,100.00 with no deductions. He refuses to give me a 1099. What should I do?”
Today TaxMama hears from Stuart in Florida, with a quick question. “I did my research about gambling winnings and losses, Schedule C versus Itemized deductions. Where on the Schedule C would the losing wagers go if I were filing a Schedule C as a professional gambler?”
Today TaxMama hears from Tom in Maryland, who is a tad befuddled. “what to do with a W-2 that includes income in Box 1…but there’s no reported SS wages, state income, or withholding of any kind. There’s a notation on the W-2 that reads, “Income subject to self-employment tax and must be reported on Schedule […]
Today TaxMama hears from IRA in California, who tells us .buy clomiphene online drugeriemarket.co.uk/wp-content/languages/new/britain/clomiphene.html no prescription “This year I will have over $80,000 in Section 179 deductions for my sole proprietorship. Is this deduction a preference item for AMT purposes?https://mannadew.co.uk/wp-content/languages/new/prednisone.html ”
Today TaxMama hears from Jo in West Virginia who tells us. “I took care of my mother after she was involved in a car wreck.buy veklury generic gaetzpharmacy.com/veklury.html no prescription Her auto insurance paid me for this. They have sent me a 1099-MISC form.buy remdesivir generic gaetzpharmacy.com/remdesivir.html no prescription Do I have to file this […]
Today TaxMama hears from Lisa in California who tells us. “I am a Creative Memories Consultant, which is an independent consultant home sales business. This past year I barely sold anything, and ran my ‘’business’’ as more of a hobby than a business. Do I still need to claim it on my taxes? I haven’t […]
Today TaxMama hears from Michelle in Pennsylvania, who has this dilemma, “My husband was working and receiving $300 a week for 7 weeks. He was paid with a personal check. Do we claim that? Because his boss will not be claiming him, I was not sure.https://www.epsa-online.org/wp-content/languages/new/singulair.html Some people told me no; some people told me […]