A Home Business Tax-time Tip By: Joe L.Golson
A Home Business Tax-time Tip
By: Joe L.Golson
“Unreported Income:” The best way to get the IRS to send you a love note suggesting you two get together for a chat. That means an AUDIT!
If you received W-2s and/or 1099s, guess who else got copies? Yup,the IRS.And they now have a sophisticated computer program that matches every W-2 and 1099 with 1040 Tax Returns.
Guess what happens when they get a 1099 that isn’t reported on your 1040? Hey,you’re quick!
Although most income you receive is taxable,and must be reported as “earned income”for tax reporting purposes, there are some types of income that is only partially taxed or not taxed at all. A complete list can be found in IRS Publication 525,”Taxable and Nontaxable Income.” (Here’s a direct link to download IRS Publication 525: http://www.irs.gov/publications/p525/index.html }
Some common examples of items NOT included in your income are:
– Reimbursement for many Adoption expenses
– Child Support payments received by you
– Gifts, Bequests and Inheritances
– Workers …
A Home Business Tax-time Tip
By: Joe L.Golson
Make Online Auctions a Home Business
This article may be reproduced in any ezine or website provided the resource box at the end is included. Tips to Avoid Online Auction Fraud While most buyers and sellers on internet auction sites are honest there is always the threat of underlying fraud. Auction sites have had instances of sellers posting pictures of items for sale only to include in extremely small print that buyers are only bidding for the photo rather than the item itself. When the pho