How do i claim deductions for my home business that i started in 2008?
I am a Independent Distributor for a company called Xango. I have tracked all my expenses all year long, but now my only question is how do i claim th...
I am a Independent Distributor for a company called Xango. I have tracked all my expenses all year long, but now my only question is how do i claim them on my taxes? Are there certain forms to fill out for home-business based tax deductions? Would it be best to find an accountant who specializes in this type of deal? What do i do? What do i do!
You’ll need form 1040, and schedules C and SE. And yes, you’d be wise to talk to an Enrolled Agent or CPA.
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html