Have you done your taxes yet? Please exchange tips and experiences with your fellow members.

Here's a tip....Have two jobs...One that pays well, the other is your own business that is losing money since all income is ploughed back into the business....

Ends up the taxman gives you money !! LOL

Taxes? Ya'll pay taxes? Hmmmmmmm...

My wife and I experienced that one, Sypher. The Federal government frowns on taxpayers who don't make money from a business. They call that endeavour a hobby.

[This message has been edited by fjohn (edited 03-09-2001).]

April (tax month) is just around the corner, so I thought I would share the following links for you to read and hopefully they will provide some tips for you when doing your taxes this year.

IRS's New Small Business Service Faces Challenges

Reinventing the IRS: A New Look for Small Business

IRS Suggests Ways to Simplify Tax Code

Filing Payroll Taxes by Phone

Electronic Tax Payment Penalty Waived Again by IRS

A Closer Look at How EFTPS Will Operate

My taxes are done,we prepare them ourselves. Received my Federal tax payment 3 days ago, now just waiting for the State tax check to get here.

SCHEDULE C

Many people who work from home file Schedule C, an attachment to the 1040 that allows an individual to record income produced by his or her solo efforts. Generally, this is the form to use when you're the "sole proprietor" of your business.

If you're working on that form for tax time, you may want to check out ScheduleC.com. The site provides links to IRS forms and instructions and has guides to related topics, including the business use of your home. You'll find useful tidbits to keep in mind--including an estimate that returns with Schedule C are 2.5 times more likely to be audited than 1040s without the schedule. The site is http://www.schedulec.com/

Source: Tipword