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Tax Guide -- U.S. (IRS)

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Original Post

JJMFinance says

These are useful links to common questions sole proprietors in the U.S. might face when filing their 2007 taxes on schedule C. It is my hope that these will help you when you file your taxes.

I cannot emphasize enough the importance of good record keeping and how this makes filing taxes so much easier. Take this from an accountant, simple organization goes a long way to eliminate stress, tax errors, and last minute headaches!

It is my hope that we can use this forum thread as a centralized place to discuss tax issues, post useful links, and gain comfort that we are not the only ones in the world that are confused about the tax laws!

All links are from the IRS website. I prefer going straight to the source of the law concerning taxes.

Am I self employed?
www.irs.gov/businesses/small/article/0,,id=115041,00.html

Do I need a tax ID number?
www.irs.gov/businesses/small/international/article/0,,id=96696,00.html

Do I need to file taxes?
www.irs.gov/businesses/small/article/0,,id=115043,00.html

What are some of the forms I might need to file?
www.irs.gov/businesses/small/article/0,,id=115044,00.html

Why should I keep records?
www.irs.gov/businesses/small/article/0,,id=98557,00.html

What kind of records should I keep?
www.irs.gov/businesses/small/article/0,,id=98551,00.html

How long do I need to keep these records?
www.irs.gov/businesses/small/article/0,,id=98513,00.html

What burden of proof do I have in regards to taxes?
www.irs.gov/businesses/small/article/0,,id=98503,00.html

Do I need to pay self employment tax?
www.irs.gov/businesses/small/article/0,,id=98846,00.html

An explanation of the different forms:
www.irs.gov/businesses/small/article/0,,id=129520,00.html

What type of expenses can I deduct?
www.irs.gov/businesses/small/article/0,,id=109807,00.html

Another breakout of forms for sole proprietors:
www.irs.gov/businesses/small/article/0,,id=98202,00.html

Download forms and publications:
www.irs.gov/businesses/small/article/0,,id=99200,00.html

Tips for your 2008 taxes:
www.irs.gov/newsroom/content/0,,id=104608,00.html

Another reason to keep good records:
www.irs.gov/newsroom/article/0,,id=105111,00.html

New tax laws to consider for your business:
www.irs.gov/formspubs/article/0,,id=109879,00.html

Some tax info if you have employees:
www.irs.gov/businesses/small/article/0,,id=98862,00.html

If you are closing your business:
www.irs.gov/businesses/small/article/0,,id=98761,00.html

Tutorials to help you learn about taxes:
www.irs.gov/businesses/small/content/0,,id=146331,00.html

Here is a good link explaining how to avoid problems filing your taxes:
www.irs.gov/businesses/small/article/0,,id=110412,00.html

This is the best link yet. . . how to contact the IRS. I have called the IRS hotline and have always got my questions answered. There are accountants on the line waiting to answer your tax related questions that are specific to your shop. They can recommend you to certain publications that will help clear up confusion you have. You might have to wait on hold awhile, especially as you get closer and closer to tax deadlines. www.irs.gov/help/article/0,,id=96730,00.html

Here is a link to a forum thread where I answered some Etsy shop owner questions concerning taxes:
www.etsy.com/forums_thread.php?thread_id=5389472

It might be useful to view the schedule C before you fill it out:
www.irs.gov/pub/irs-pdf/f1040sc.pdf

If you click on only one link in this thread. . . click this one. It is the best publication that summarizes every line on schedule C. This is the best summary—I use it all the time: Publication 334
www.irs.gov/pub/irs-pdf/p334.pdf

Here is also a link to my blog that I have recently started—it spotlights Etsy sellers, their featured items, and a few insights into how they manage their finances.
www.jjmfinance.blogspot.com/

I hope this is a good foundation for everyone that is filing taxes this year!

JJMFinance

Posted at 6:02 pm Jan 18, 2008 EST

Responses

What I'm really looking for is a magic wand to make it all disappear. :-D Lol

Thanks for the info.

Posted at 6:04 pm Jan 18, 2008 EST

This is just what I need! Thank you.

Posted at 6:05 pm Jan 18, 2008 EST

Oh My GOSH!!! I was just pouring over the SBC website trying to figure this all out. Thanks so very much!

Posted at 6:08 pm Jan 18, 2008 EST

wow - thanks for taking the time to put all this in one centralized location! Awesome!

Posted at 6:09 pm Jan 18, 2008 EST

omgosh, i so need to figure all this cr*p out. ugh.

Posted at 6:14 pm Jan 18, 2008 EST

oh, I am so bookmarking this thread!!!!

Posted at 6:16 pm Jan 18, 2008 EST

Homework on Friday Night? Aaaaaaaack!!! (Pardon my hairball).

But seriously, thanks.

Posted at 6:19 pm Jan 18, 2008 EST

Stonebrash says

Good info!

Posted at 6:21 pm Jan 18, 2008 EST

Fantastic links! The IRS site can be so overwhelming so I like how you've broken it down. Thanks! :)

Posted at 6:29 pm Jan 18, 2008 EST

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