For some, tax season is the best first part of the year because of tax refunds but for people that are self employed like myself, this time of the year makes us cringe!
Since I made quite a bit last year, I'm nervous about how much I'll be owing the IRS as well as State taxes. The good thing though is that with my full time job I had extra money paid to taxes to offset my tax bill this year.
Remember, even if you've earned less than $400 working from home last year you must report all earned income and that includes gift cards and Pay Pal payments. I'm also hearing that if you've received free products from companies to review on your blog, you must claim taxes on that too. I, myself have to start scrambling around and find out all the free products I got from companies and start adding up the FMV (Fair Market Value) of these products. ARGH!
Also if you've earned $600 or more with any company they must send you a 1099 form so you can file your taxes, but you can still file without them.
Don't play around when it comes to taxes! I remember back in 2009, I didn't claim all of my work from home income and a year later I was hit with a big tax bill from the IRS and a few years later a tax bill from my state.
Remember to keep all your receipts to help filing taxes be much easier. Hire a professional accountant to help you do your taxes.
Disclaimer: I'm not a tax professional. Please find a CPA in your area if you have tax questions.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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