Today TaxMama hears from Matt in Van Nuys, CA, who’s having an identity crisis. He asks, “”What am I” and when do I have to file? I’m a permanent employee at a company. In addition, I do work on the side (at home) as a Graphic Designer. I’ve registered the business name with the County Clerks Office, but don’t have a separate tax ID number for the side business.
Do I have to file in February; or can I just itemize the income and deductions from the side business when I file in April?”
Dear Matt,
Let me guess, you are a…… hmmm….let me think…. Oh, I know…
You’re a human being.
You have to file your tax returns, along with the rest of us taxpaying human beans, on April 15th.
You’ll be filing a long form, and using Schedule C to report your graphic design income and expenses.
Read IRS’s publication 334 (free) for all the details of how to handle your business reporting.
https://www.irs.gov/publications/p334/index.html
You can also pick up some excellent tips if you list to this teleconference (also free) about tax tips for small and Internet businesses https://www.NitroTaxHelper.com/webcast.o/taxmama
It will also explain how you can easily use the TaxHelper software to do your bookkeeping and track your business and auto expenses, since you don’t need a full-blown complicated bookkeeping system as long as your business stays at this level.
And of course, there’s always Small Business Taxes Made Easy. You can pick that up at Amazon.com for about eleven and a half dollars, and it’s filled with lots of great tax tips.
And, remember, you’ll find answers to questions for your identity crises and all kinds of tax issues, free. Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- IRS publication 334 :: Small Business Tax Information
- NitroTaxHelper.com broadcast :: Also, easy, inexpensive bookkeeping system – single entry
- Minding Her Own Business :: Excellent tax book by Jan Zobel
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