self-employment taxes

[desertstars]

It is indeed coming to that time, isn't it?

Some of us will get some surprises and some of us already know.

If I may make a few suggestions if you are not incorporated.

Purchase your necessary supplies before the end of the year.

Don't chase your outstanding invoices until the onset of 2004.

And, for the new people in the business, start out by visiting NASE (National Association for the Self-Employed) and check out their website.

It's an "org" address.

Join or don't join but they have many good free suggestions and links.

By all means and at least for the first year, take your business records to a competent accountant to figure out the tax obligations and the proper forms to submit.

Be particularly careful when writing off a home-business office. That is a red flag with the IRS. In most cases, it's not even worth the effort.

And, according to the IRS, you cannot start mileage until you reach your first job or place of employment.

Obviously, that means if you travel ten miles to a repair job from your home, that mileage is not deductible.

However, if you set up a mail drop separate from your home business and check it as your first stop your mileage will begin at that point.

Check this out yourself. The rules may have changed. Don't take my word for it. I'm sure there will be other posts in that regard.

And, we may learn something new in the process.

[Delta Kits]

Desertstars,

Excellent post!

National Association for the Self-Employed http://nase.org/

[gt_repair]

Just my luck, I went to check the site and it is down.. Now I have to remember to check back on it later.. Add that to the list of things I have to do. :roll: