"Steve G" <jeng_steveg[at]hotmail.com> wrote:

- quote -

I'm sure you will get better answers from the pros here, but
as a prior Sole Proprietor let me try to give you some
simple answers. (I now operate as a C Corporation.)

- quote -

Yes, you file one tax return, but your business expenses go
on Schedule C, so it is useful to keep them separate from
the start. You don't need a separate bank account, but
should keep detailed records.

- quote -

Yes to all. These all go on Schedule C. Remember that
business meals are only 50% deductible so make sure your
expense records separate meals from other expenses. On the
other hand, if you are reimbursed for the actual cost of
meals by a client then the meals are fully deductible -
against the payment for those meals you receive from the
client of course.

- quote -

Yes - Schedule C.

- quote -

Yes. Schedule C. (Are you beginning to see a pattern?)

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Steve G wrote:

- quote -

Not correct. Your personal expenses are not deductible,
except as they might qualify on Schedule A. Your business
expenses are claimed on Schedule C and reduce your net
business income.

- quote -

Schedule C for business travel.

- quote -

Schedule C or Schedule A (subject to 2% of AGI)

- quote -

Schedule C or Schedule A (subject to 2% of AGI)

- quote -

Read Pub 334 before proceeding.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Steve G" <jeng_steveg[at]hotmail.com> wrote:

- quote -

You evidently don't realize that you've always been a sole
proprietor in this endeavor. You report your
self-employment income and expenses on Schedule C of the
1040. You compute self-employment tax (the equivalent of
SS/Medicare) on Schedule SE of the 1040. You make estimated
tax payments on Form 1040-ES.

A starting point is IRS Publication 334. A better starting
point would be a consulation with an accountant, who could
instruct you on allowable deductions and recordkeeping.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

jeng_steveg[at]hotmail.com (Steve=A0G) posted:

- quote -

No, not true. The business "stuff" must be segregated and
reported on Schedule C, which is where you would _also_
report the business _income_, so the expenses would become
reductions to that income as itemized on Schedule C.

- quote -

Yes, on the appropriate lines on Schedule C. Also, Yes and
Yes. Once you look over the Schedule C instructions and the
form itself, all should become quite clear.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Greetings. I have a budding career as a writer and speaker
that has gotten to the point where it's generating
non-trivial expenses. I'd like to find out how to ameliorate
some of these expenses. I plan to set myself up as a sole
proprietor just for the simplicity of it (the scale doesn't
really justify incorporating).

1. general question: I understand as a sole proprietor I
simply mix in all by personal and business "stuff" when I
file my federal and state taxes?

2. lots of business travel (to give lectures). Can I claim
air travel? Car rental? Etc? what form(s) do I use?

3. subscriptions to journals in my area of expertise.
Deductible?

4. memberships in professional organizations in my area of
expertise. Deductible?

Thanks in advance for any info.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >