Category Archives: Self Employment

Uber and AirBNB Tax Information

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. An emerging area of activity in the past few years, the sharing economy has changed… Read More »

Choosing a Small Business Structure Sole Propreitorship

When starting a business, you must determine your business structure. In this webinar, we’re focusing on sole proprietorship.If you are a one-person business, you are automatically classified as a sole proprietor for Federal tax purposes unless you file Form 8832, Entity Classification Election, to request a different classification.   What is considered a business by the IRS? You… Read More »

Record keeping and Receipts Needed for Self-Employed for IRS

What Record keeping and Receipts must self-employed individuals keeps for the IRS? The next topic we need to discuss is recordkeeping. You must keep receipts, sales slips, invoices, bank deposit slips, canceled checks and other documents.These documents, either electronic or paper files, can substantiate items of income, deductions, and credits. Keeping these records will help you pay… Read More »

Computing a net operating loss for an individual

Speaking broadly, you may be able to benefit by carrying what is called a “net operating loss” (NOL) into a different year-a year in which you have taxable income-and taking a deduction for it against that different year’s income. This would be known as taking a net operating loss deduction (NOL deduction). In general, the… Read More »