10 Jan
2020
10 Jan
'20
5:15 p.m.
Slipped fingers. The IRS.gov website allows you to make estimated tax payments on line.
You can also download the forms and instructions if you want. If you don't make a
"profit" in your first three years, the IRS calls it a hobby. You still have to
pay taxes, but you can't deduct expenses Find a tax shop or a book on small
businesses. JKLasser has some good thouough books.
Joe Kwiatkowski
Sent from BlueMail
On Jan 10, 2020, 5:06 PM, at 5:06 PM, Don Veino via Contra Callers
<contracallers(a)lists.sharedweight.net> wrote:
OK, we all know we're really in this for the
outrageous sums of money,
right? ;-)
But if you're lucky, you're finally at the stage where you're at least
covering your costs and have enough gigs where you're concerned the IRS
may
expect you to be reporting your income, recording expenses, etc.
I've looked into this somewhat and from what I can tell in the US, it
involves making quarterly Social Security tax contributions on the
income
and including the income/expenses toward your estimated tax payments at
the
Fed/State/Local level. The trick is *how*.
Does anyone have a pointer to a good tutorial or other tips/direct
advice
on the topic?
(Apologies for the intrusion of the *Real World* into our magic
place...)
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