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 earned about 0 from various employers for extra gigs this year. I have not received 1099′s from them and I’m ready to do my taxes. Where/how do I report this income?
Also, I have a regular singing gig with an agency. The others I work as an independent contractor. In using Turbo Tax, do I use myself and my address as my business name and business address or just include it in my deductions as a performer?

I have stayed in US from August 2000 to January 2007. Since Feb 2007, I am now woking full time

(more than 40 hrs/week) for a US based company on contract basis. I receive fixed monthly fee

in US dollars through wire transfer (conversion rate applied on the day of receipt). For

finalcial year 2006-07, I filed my taxes as a Professional.

I have done B.Tech in COmputer Engineering, and Masters of Computer Science.

Now for Financial year 2007-08, my receipts are more than 10 lacs. I am not able to understand

under which category should I file my taxes; i.e. Business or profession.

Here are some facts:

I am a sole proprietor, and I have hired few employees under a Business Name. Their income is

less than the Taxable limit, so I have not deducted the TDS yet. But I have also get some work

done on contract basis which amounts to more than 1.25 lacs. I consulted a CA and I was told

that if the contract work is more than Rs.20,000, then I am liable for TDS deduction from the

next financial year (I am exempt for the first year). But he also told that if I file under

Professional category, then only I shoudl worry ablout TDS from next year. But if I file under

Business, I should not worry as the limit for Business for AUDIT and TDS libalityis 40 lacs,

and my receipts are less than 40 lacs.

As far as the nature of my US contract is concerned, following are the facts:

1) I develop and support a product of a US company.
2) I do not own the intellectual property rights of the work I do for the company.
3) I am paid a fixed monthly fee for my product development and support services
4) The contract ie between the US comapany and ME.
5) I work under supervision of the US comapny.
6) The work is done on Servers sitting in US and india.
7) The work is 100% exported.

HEre is my delimma. I am sure that if I register my company, then I’ll fall under the BUsiness

category (40 lacs AUDIT and TDS libality). But since I am a sole proprietor, should this be a

profession or a Business. All the CA’s I have consulted advised me to file under Profession.
1)But I fail to understand just because I have an engineering degree and I am a sole

proprietor, why would I come under professional category?
2)Also, if I sign the future contact in the name of my Propertier company, would it help to

file under Business category.

Please advise?

I sell items on Ebay but do not consider myself a business. I do report my income, though, as it exceeds 0 and I also take some of the allowable deductions. My question is: Am I allowed to take any and all deductions that apply even though I don’t have a business name or consider myself a business? Income this year: 00.00. Thank you!

I filed fed/state taxes w/ turbo tax and took a deduction for having a home office. I was a 1099 employee, working from home for part of the year. I did not file a business name w/ the state of CO though. I’m a bit confused as to whether I filed correctly. Can I take this benefit although I do not have a business name?
Business did not requuire I had a license. The deduction I took was prorated for the portion of the year I worked from home

I am doing my tax returns, I was a real estate agent and a 1099 employee, does everything have to be under a business name or classified as a business account in order to deduct expenses. For example, my car and cell phone expenses was under my personal name, do those need to be under a business name or my organization name in order for them to be deducted as operating expense on my taxes?
(I am aware that writing off the vehicle mileage used for business) purposes is easier and usually yeilds more of a deduction.

My business has several divisions that operate as unique businesses on their own and are completely unrelated to each other except for operating under one business name. One is a network marketing division, one is eBay sales, and another is providing an online service. Can I take tax deductions for the expenses incurred for all three of these functions? I have also bought books that relate to each of these such as books on eBay marketing, network marketing, and books related to the service I offer. Are all these tax deductible?
Do I report for all three divisions on one form?

I purchased an SUV last year under my business name and I need to find out how to enter it on my tax return. Could you enter the down payment and the monthly payments along with the sales tax paid? Please help….thanks.