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Author Topic: Taxes  (Read 483 times)

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Offline ziskasun

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Taxes
« on: June 28, 2016, 06:49:11 PM »
This may be a sticky subject but I am wondering if anyone can share on how they do their taxes. If you are one (like me) who does work exclusively online do you have any tips for record keeping and taxes? I am guessing it is similar to any self-employment. Do you do deductions for home office supplies and equipment? Just curious. This is the first year I have relied on this type of work exclusively.

Offline GingerBelle

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Re: Taxes
« Reply #1 on: July 21, 2016, 05:12:09 PM »
Yes, I file my taxes as self employed. I have done so off and on since 2008. You need to file your regular 1040 as well as a Schedule C, which is your self employment form. There may be other forms too, depending on your industry, etc. but those are the basics.

You do get some breaks for your expenses. You need to keep diligent records of what you spend. Such as, with my business, I do crafts and writing, so I keep track of what I spend at Hobby Lobby, but also expenses such as postage, paper, and ink. As long as it was something you genuinely use for your business. Save all your receipts!

For me, I find record keeping on paper with good old fashioned ledger paper easier than doing so on the computer, but some people rely on bookkeeping software. It's really up to you.

Re: Taxes
« Reply #1 on: July 21, 2016, 05:12:09 PM »
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Offline cluckeyo

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Re: Taxes
« Reply #2 on: July 28, 2016, 05:43:39 AM »
Most of these online sites have a cap of $600. If you make more than that in a year, then you file taxes. Less than that, they do not report. I will file self employment on any that I need to. And yes, if you bought equipment, then deduct it!

Re: Taxes
« Reply #2 on: July 28, 2016, 05:43:39 AM »

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