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Veteran Please Help

by sconlinemarketing
4 replies
This is for those of you who have been making an income for a few years in the offline market. I am at the point where I need to understand the tax part of the business.

If we are acting as independent contractors for each client, do we only have to report the tax if we make over 600 from that client, or do we have to report every penny we make?

Also is there a helpful site any of you know that will help with business structure to help with taxes? For example: The advantages or disadvantages of being a sole proprietor, llc, or inc.

Another question, do you pay yourself a check, as a business expense?

Any tax advice from you veterans would be of great help.

Thanks in advance for the replies.
#veteran
  • Profile picture of the author Quentin
    The best advice I can give you is find yourself a good accountant.

    I have been doing offline and online marketing for 12 years and I can tell you a good accountant is worth every penny.

    Now I am not talking a pen pusher type of accountant but one who can give you advise and investment strategies etc. An entrepreneur type one.

    No body on this forum can give you the right advice so get it professionally.

    Quentin
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    • Profile picture of the author MikeRogers
      Originally Posted by Quentin View Post

      The best advice I can give you is find yourself a good accountant.

      No body on this forum can give you the right advice so get it professionally.

      Quentin
      Totally agree with Quentin on this point...

      The money (and pain) you will save yourself far outweighs any initial expense.

      Never take legal or accounting advice from forum members - Even Warriors - I love you guys, but I ain't going to jail or the Po' House because of well meaning but misplaced advice

      MikeRogers
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  • Profile picture of the author Headfirst
    I agree with the posts above, find an accountant.

    That being said, I use outright.com which calculated my quarterly tax payments for me and is very convenient.
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    • Profile picture of the author davechan
      Everyone on this post is exactly right. Every bit of income regardless of how much you make is taxable. And, technically, even if the customer never sent you a 1099, you're supposed to report it. Paying yourself as a business expense ... that question is best answered by an accountant, but it also is dependent on how you are structured, as corporation, sole proprietorship, partnership, etc.
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