Tax Questions: What to Keep and How to File - Tips and Advice

[pckelly]

I was just wondering what all I need to keep for tax purposes. I have been inactive, and am rejoining March 1 and want to keep track of things, unlike I did in the past. I keep track of all expenses? Even down to business cards etc. right? And also keep track of my income coming in. When I file next year, how will I file? My husband gets W-2's. Can they be filed together? I heard someone say something about a schedule C?? And does it cost to talk with an accountant to find out what I need to be keeping track of and what I can use towards deductions? Do I have to have a tax ID number? Do I have to get a business license???
I know so many questions...but if anyone could help me out I would appreciate it!!
Be blessed!

 

[tlmcunning]

My DH and I file our taxes jointly. He has W-2's and I have the 1099, we do use the schedule C. I keep track of all of my expenses in Pampered Partner. I track, postage, supplies from HO, supplies I buy at office supply stores, and ad's that I place, business cards, letterhead, pormotional items from VIP or Merrill, anything from Nancy's artworks, website cost, samples, milage, and consultant gifts.

You don't need a business license.

I think that about covers it. If I think of anything else I will post it. Good luck with restarting your business.

Tracy

 

[jrstephens]

Kelly,

My husband went to school at UNA. We still visit Florence about one a year. I love that city!

 

[pckelly]

Jennifer: Great!! I have lived here about 14 years....I am originally from Montana!! I wondered where Fulton was??? South Alabama?

Thanks Tracy!! Wow great info, I wrote it all down. Thanks a bunch!

 

[jrstephens]

Jennifer: Great!! I have lived here about 14 years....I am originally from Montana!! I wondered where Fulton was??? South Alabama?

Thanks Tracy!! Wow great info, I wrote it all down. Thanks a bunch!

We are about 4 hours South of Florence. About 90 miles North of Mobile.

 

[CAmomCookin4U]

Where do you input your expenses for PC? You know like the cost of new samples, Supplies, etc. when doing your taxes.

 

[fruit76loop]

You put them into expenses and income. You can add any category that you want. For example: Supplies, catalogs, etc go into business supplies while paper, ink, pens, etc go into office supplies.

I don't know if this was the answer you were looking for or not! HTH

 

[CAmomCookin4U]

Thanks Marlene, I wasn't sure because Im checking out Taxact On-line and I don't see the place for it.

 

[fruit76loop]

uh oh...I dunno!

I have a CPA do my taxes...well worth the extra $ to save the headache for me!

Sorry I can't be of more help!

 

[CAmomCookin4U]

uh oh...I dunno!

I have a CPA do my taxes...well worth the extra $ to save the headache for me!

Sorry I can't be of more help!

That's ok thanks anyway. I don't really make enough yet for a CPA. I have always done them myself in the past, just thought that I would be able to get a little extra if I actually claimed ALL the MULA I have spent for my Biz

 

[fruit76loop]

Claim it!!!You definately want to claim everything!!

There should be a place to input all of your business expenses..I am just not familiar with that program. I did TurboTax the first year of my business and it asked me the questions for business expenses!

CLAIM IT ALL! Why should the goverment get to keep your money???

 

[CAmomCookin4U]

You definately want to claim everything!!

There should be a place to input all of your business expenses..I am just not familiar with that program. I did TurboTax the first year of my business and it asked me the questions for business expenses!

CLAIM IT ALL! Why should the goverment get to keep your money???

Yeah I will try that program too. Im just testing Tax Act out and deciding which is better since it's FREE until you file. Last year I did H&R Block. I was happy I'm just checking to see if I get more from one over the other.

I plan on making a big promotion this year so hears hoping for the Need for a CPA next Year.

 

[PamperedChefDebi]

Yeah I will try that program too. Im just testing Tax Act out and deciding which is better since it's FREE until you file. Last year I did H&R Block. I was happy I'm just checking to see if I get more from one over the other.

I plan on making a big promotion this year so hears hoping for the Need for a CPA next Year.

I tried out H & R Block on line several years ago and then tried Turbo Tax to compare. HUGE difference! With Turbo Tax my return was WAY bigger. I've stuck with them ever since.

 

[jrstephens]

Where do you input your expenses for PC? You know like the cost of new samples, Supplies, etc. when doing your taxes.

I am in the process of trying to figure this out. This is the program I use, when I figure it out I will post. I will to irs.gov and downloaded the actual insruction book to go over to know what line to put things on.