I have a website that I make a substantial amount of income from, and I know that for tax purposes it’s easier to prove business deductions if you have one account for personal expenses and one just for business expenses.

My question is, does that second checking account need to be in the business’ name (establishing a dba/trade name) or can both accounts be in my name?

I have a LLC business as well in nyc. we had a loss in our nj business and our nyc business. our total deductions for each business for the year was ,500 so that equals 000 plus we paid for two properties about 00 in real estate taxes, my personal income was 50k my nrentalal was k and ny nj business we made no money. call irecessionon. we got our taxes done at hr block.. i thought we get most our business deductions back. we just got about k over if we just filed married filed jointly. your thoughts please

My husband is a catastrophe claims adjuster and gets paid commission as an independent contractor. I understand business deductions, etc.. for him. Our 19 year old son (who is NOT a full time student and NOT a dependent) is working with my husband. How is the best way to pay him without getting all of us in trouble with taxes? We are providing room and board for him but need to pay him for his time as well. Would it be better for him to pay rent and buy his own food so he has deductions as an independent contractor also? I’m really confused and concerned about doing this the right way. Any help or suggestions will be greatly

My family and I have used the same accountant for about 4 years for taxes. She does it at home. You dropped your taxes off and call her to find out when the money will be in your account. You would usually have to harass her to find out when and how much you were getting electronically. well my family received a paper audit. When we looked at the printed forms, she put a lot of money for health, and business deductions. unbeknown to us. She never asked if it was alright. What can be done if anything in regards to paying back what is owed. Can she fix it?

I am self employed and owe taxes from 2003 through now. (about 6000 total).

To qualify for an installment plan I have to have all my tax returns filed (i do) and be up yo date on 2007 estimated quarterly taxes. This is where my question comes into play.

Last year I made about 30,000 but after all business deductions my adjusted groos income was around 12000.

Are the estmiated tax payments based on the total I made last year or the adjusted amount after dedudtions?

I’m looking for tax software that is easy to use but good at handling somewhat complicated situations – I am partly self-employed as a 1099 contractor with a number of different organizations, and I also moved from one state to another partway through the year (so will have to file two separate part-year returns for the state taxes). I have been making quarterly estimated payments and I do not plan to claim business deductions – my expenses are so minimal that I’d rather just take the standard deduction. Still, I’d like the kind of software where it just asks me questions and then figures out which forms, schedules, etc. to fill out on its own – I used a free program (Tax Slayer, I think) last year and although I entered 1099 income I do not know if an SE was filed or not. (I’m sure I’ll get a bill later if not.) I liked Tax Slayer just fine when all I had were W2s to enter, but I’d really prefer to use a program where I know whether or not the self-employment taxes are being deducted.

I received a w-2 form from my previous employer. The employer withheld only state (CA) taxes from my paycheck every pay period. They DID NOT withheld any federal, social security, or medicare taxes. So at the end of the year when i file my taxes, I have to pay those taxes. I had always assumed i was an independent contractor, and as such i was entitled to deduct business expenses on my schedule C. Normally i would be issued a 1099 misc form instead of a w-2, but in this case i think because my employer witheld state taxes, they issued me the w-2 form. Well, the irs informs me that because my employer did not classify me as a "statutory employee" in the w-2 form, I would NOT be able to deduct any business expenses. They told me i would have to get a letter from my employer stating that i was a "statutory employee"
then they will allow the business deductions. I called my employer, and they said i was not a statutory employee under section 530 (??). ..
any help is appreciated.

I received a w-2 form from my previous employer. The employer withheld only state (CA) taxes from my paycheck every pay period. They DID NOT withheld any federal, social security, or medicare taxes. So at the end of the year when i file my taxes, I have to pay those taxes. I had always assumed i was an independent contractor, and as such i was entitled to deduct business expenses on my schedule C. Normally i would be issued a 1099 misc form instead of a w-2, but in this case i think because my employer witheld state taxes, they issued me the w-2 form. Well, the irs informs me that because my employer did not classify me as a "statutory employee" in the w-2 form, I would NOT be able to deduct any business expenses. They told me i would have to get a letter from my employer stating that i was a "statutory employee"
then they will allow the business deductions. I called my employer, and they said i was not a statutory employee under section 530 (??). ..
any help is appreciated.

I am an independent contractor so when I receive a check I am entering it into Quicken using the SPLIT feature since the check is net after some business deductions. What is throwing me off is Quicken’s TAX PLANNER, which shows a Business Income Loss Schedule C which shows things such as TIP RECEIVED as other business income but my gross pay, which Quicken lists as Schedule C Contract Labor income is not being accounted for.

Being self employed and single with no dependents, on my 07 tax return with business deductions that lowered my reported net income, will this affect the amount I recieve on my stimulus check