October 2013
Beginner
610 pages
17h 28m
English
book
J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line
by Barbara Weltman
Content preview from J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom LineBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
Tax Strategies for a Sideline Business
Millions of Americans today have a sideline business, especially in this tough economy. This has become easy with the advent of eBay and other online marketplaces. But sideline businesses, such as dog breeding and gentleman farming, have been around for years.
Starting and running a sideline business can be a savvy move, especially in tough economic times. It can be a way to supplement your current income. It can be a safety net in case of a job dislocation. And it can be a way to test the waters for a full-time business in the future, say, on retirement.
For a further discussion of business expenses, see IRS Publication 535, Business Expenses.
Reporting Sideline Business Income
There's a basic rule when it comes to income from a sideline business: You must report it. There is no minimum revenue or number of sales you must make before income becomes reportable. You must report income, whether or not it is reported to the IRS (such as on Form 1099 for payments to independent contractors).
Of course, all of the revenue you take in may not necessarily be profit. You can deduct expenses (subject to the limits explained throughout this book as well as the hobby loss limit next), which may mean that there is no income subject to tax.
Hobby Losses
If your unincorporated business sustains ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.