Home,Business,Tax-time,Tip,you DIY A Home Business Tax-time Tip
Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in When starting a new work at home business it is very easy to become consumed by it. We spend so much time trying to get the business up and running that we may end up becoming burned out and lose our motivation. There is so much to learn and
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 isnt reported on your 1040? Hey,youre quick!Although most income you receive is taxable,and must be reported as earned incomefor 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. (Heres 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' Compensation benefits -- Reimbursement for Meals and Lodging incurred for the convenience of your employer -- Compensatory Damages awarded by a court for Physical Injury or Physical Sickness -- Welfare Benefits -- Cash Rebates from a stores, dealers or manufacturers. Want to slash your chances of an audit?1. Report ALL income.2. Sign your return.3. Double- and triple-check your calculations4. Double check your Social Security number.Those are the four simple mistakes that trigger the majority of all IRS Audits. No kidding.Theres a Tax Tip You Can Bank On.there is more free tax information at:http://www.kickstartcart.com/app/aftrack.asp?afid=80559Report ALL income,Joe L.GolsonAffiliate Marketing&Traffic solutions
Home,Business,Tax-time,Tip,you