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You use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose [...]
Posted by: Wray Rives, February 11, 2010
The deadlines for sending 1099’s to contractors and the IRS can get a little confusing. Use this post to mark your calendars and never worry about 1099 deadlines again! And, of course, never forget that Outright has you covered when it comes to collecting form W-9 from contractors and filing your 1099’s on time.
February 1, [...]
Posted by: Jennifer Escalona, February 5, 2010
Comments: 0
You might be surprised the lengths that the IRS has gone to in order to define what a dependent is. Most of the varied rules have been adopted, because some taxpayer somewhere tried to claim a dependent that the service decided was not appropriate. While they don’t list the specific facts that gave rise to [...]
morePosted by: Wray Rives, January 20, 2010
With technology making it easier than ever for people to operate a business out of their house, many taxpayers, entrepreneurs and small business people may be able to take a home office deduction when filing their 2009 federal tax return next year.
Here are five important things the IRS wants you to know about claiming the [...]
Posted by: John Berger, January 3, 2010
If you ever worked in a job where you traveled for business, you may be aware of the concept of per diems. Many companies will cover their employees travel expense by paying a fixed amount per day to reimburse the employee for meals and incidental expense while traveling for work. When a company [...]
morePosted by: Wray Rives, October 1, 2009
From Kevin:
"I'm not sure how best to record 'salary' payments to myself in Outright. Any suggestions?"
Our response:
"If you are a sole proprietor, it's called an owner's draw and doesn't technically impact your profit or loss, so wouldn't be recorded in Outright.com. Now, if you happen to be an S-Corp and have placed yourself on salary, [...]
Posted by: admin, April 28, 2009
Found the following PDF at the National Association for the Self Employed
Schedule C: from A to Z by Robert Hughes, CPA and Keith Hall, CPA. They do a really good job of explaining what all the line items and categories are supposed to cover, which deductions go where, etc. The thing I like best is [...]
Posted by: Kevin Reeth, January 23, 2009
Your “Profit of Loss from Business” tax form, otherwise known as Schedule C, can now be filled out and generated right from within Bootstrap. In addition to helping you with estimated taxes, we now provide and end of year tax view, complete with a preview of your Schedule C. Once you’ve got all of your business finances [...]
morePosted by: admin, January 22, 2009
Comments: 1
Becky McCray over at Small Biz Survival wrote a great, simple post about what it takes to file your first tax return as a sole proprietor. For those of us who've been filing Schedule C's for a while, it's easy to forget how daunting the whole process can be. It's one of the biggest reasons [...]
morePosted by: Kevin Reeth, January 19, 2009
Your Livelihood Right Now
Welcome to Outright - a place to get advice, and share your small business knowledge and experiences... right now!
Asked Mar 7, 2010
by Jill Harness
