Question by dianadoubt: Filing Taxes on SE for eBay income and Babysitting income- where do I find easy answers? From September 2008 to the end of the year, I made exactly $ 1521 in babysitting income. I have no idea at this time if the mother of the child I watch is going to claim him, but after much research I think I must file as an independent contractor. I do the work in my home. The only thing she tells me to do is when to work and what to give him for food. Question #1. Do I claim the money I earned in December even though I was not paid in December for that money? Question #2. What are legal deductions I can take and is it worth it? I take him to storytime and Kidz Klub- so could I count that as a driving expense? Also, I must pay for all his food, and the first couple months his diapers/wipes. Are these deductible? In regards to the ebay business, I sell items I find at the thrift store, in my home (already have from long ago) or things that are given to me by family members. I do this as a hobby. I made around $ 500. Question #3. Do I count this as income? Question #4. I kept very accurate records of what I earned, how much I paid for each item, what it sold for,- all boiling down to profit and loss. How do I report this, and would it be a seperate Schedule C from babysitting? Question #5. What is deductible? My trips to the post office, paper to print packing slips, my time on the internet to post/list/respond, shipping materials, my trips to the thrift store? We want to be able to get the most back as possible (as does everyone). We qualify for the EIC credit even with my income from babysitting/eBay. Would it be wise to show a loss? Question #6. Can I claim part of my rent as an expense since I work out of my home? What about my car payment for either since I partly use it for business? Lastly, where do I find information about moving expenses and what's claimable? Best answer for Filing Taxes on SE for eBay income and Babysitting income- where do I find easy answers?:
Answer by Bob F
1. No, you only claim money you received during the year. So claim money for work in December 2008 but received in January 2009 in 2009. 2. You can take expenses for the food and diapers. You can also count some of the actual costs of owning your home because a home day care get the office-in-home deduction. You calculate your profit on Schedule C. 3. Ebay business/hobby - yes, you count your profit as income. Your profit is your sales minus the cost you paid minus any other expenses incurred in running your business/hobby. If your motive for doing it is to make money but you lose money, you can actually take the loss on your return. If you motive is to have fun and you loss money, you cannot deduct the loss. 4. Yes, a separate Schedule C for each business. 5. All those things you listed are deductible except your time. Self employed people can't pay themselves. Their pay is the profit from the business. EIC - if you have a loss, you are legally required to declare the loss. It is against the law to manipulate your income in order to maximize EIC. You need to know that one of the highest percentage of returns chosen for audit are those with both Schedule C and EIC. Since you asked that question, it is obvious that you have already figured out why that would be. 6. Yes, for the rent as part of the day care. See my answer for question 2. No, for the car payment, but you can deduct mileage for running to and from the post office in support of your ebay business.
Answer by rodrigo m
1, You claim your income on what ever mont you got paid, so for this one it could go either way since you are filling SE. #2. Yes everything that you spend can be consider as a deductible #3 if you are an online auction seller, you may have tax responsibilities. You may be subject to liabilities for income tax, self-employment tax, employment tax, or excise tax. Your sales may result in capital gains, nondeductible personal losses, or you may have ordinary business income. (http://www.irs.gov/businesses/small/industries/article/0,,id=163622,00.html) 4.You could only claim your profit not your losses since is personal property, is the same as schedule c 5. almost every expense is could be a deductible except your time online and to get the most back you must make between 12,000-18,000 with two or more dependents under the of 18 or 24 and in school, 9,000 with one dependent. 6. all of this is put in on the SE where it says business at home. Hopefully I helped you with your tax questions 6.
Answer by Jss
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
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With the latest poll results, it is quite evident that Mitt Romney is failing to influence Republican voters to overlook his flip-flops on things from gun control to abortion.
Now, Mitt Romney is making efforts to focus on matters as taxes, and health care. Recently, he issued a statement to Bloomberg News that he will cut down the taxes.
What Romney explained to Bloomberg News is completely contradictory to his past records when he was Massachusetts governor.
As per the Associated Press report, "A survey of states by the National Conference of State Legislatures found Massachusetts led the nation during Romney's first year, raising fees and fines by $ 501 million, including $ 140 million in what Romney called business tax loophole closings. Romney hiked everything from fees paid by the blind, mentally retarded and gun owners to those paid by horseback riding instructors, prisoners, those seeking training to combat domestic violence and used car shoppers.
In fact, Romney raised so many fees he earned himself a nickname in Massachusetts: "Fee-Fee."About $ 500 Million was increased in fees; more Fee Hikes were imposed than any other state. "A survey found that Massachusetts forced fee hikes more than every other state in America this year."
No wonder Romney got support in a single digit. That is, only 7% votes of the South Carolina Republicans.
It seems that voters have lost all hopes and faith by now. After the fresh results of polls, Romney might have realized it. This time he has to come up with something original, which can be helpful for the country rather than fake promises.
Suggest Romney's Claim And Tax-Raising Records Topics
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