|
#3
10-16-2005, 05:49 AM
| |||
| |||
 Re: Reporting income? ? ? Ray wrote: - quote - > My wife and I have been retired for several years, and we
Fill out a seperate Schedule C for your wife. They are not> both receive Social Security. > This year she started a small decorating business which > involved five or six jobs and brought in a few thousand > dollars in income. > I assume a Schedule C is the best way to report this income. > Or is there a better alternative? > (I am already filing a Schedule C to report a small income > from freelance writing; I don't suppose I could use the same > one to report her income.) too difficult. Be sure to fill out an SE if needed, over $433 net income. Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#2
10-16-2005, 05:49 AM
| |||
| |||
| Re: Reporting income? ? ? - quote - > This year she started a small decorating business which
Unless she formed a corporation or partnership, Schedule C> involved five or six jobs and brought in a few thousand > dollars in income. > I assume a Schedule C is the best way to report this income. > Or is there a better alternative? is the only way to report it. - quote - > (I am already filing a Schedule C to report a small income
No, you can't. You have to have a separate Schedule C for> from freelance writing; I don't suppose I could use the same > one to report her income.) each business. Bob Sandler << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#1
10-16-2005, 05:11 AM
| |||
| |||
| Re: Reporting income? ? ? rayj.balt[at]verizonDELETHIS.net (Ray) asked: - quote - > My wife and I have been retired for several
Since her total income was "a few thousand" ... you may use> years, and we both receive Social Security. > This year she started a small decorating > business which involved five or six jobs and > brought in a few thousand dollars in income. > I assume a Schedule C is the best way to > report this income. Or is there a better > alternative? a Schedule C-EZ for _her_ business tax filing, assuming her expenses were less than $5,000 (and some other conditions -- see Schedule C-EZ instructions). - quote - > (I am already filing a Schedule C to report a
Absolutely not. Each business is a separate entity, and> small income from freelance writing; I don't > suppose I could use the same one to report > her income.) income and expenses should be reported separately. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
10-16-2005, 05:11 AM
| |||
| |||
| Re: Reporting income? ? ? "Ray" <rayj.balt[at]verizonDELETHIS.net> wrote: - quote - > My wife and I have been retired for several years, and we
There is no alternative for a sole proprietorship> both receive Social Security. > This year she started a small decorating business which > involved five or six jobs and brought in a few thousand > dollars in income. > I assume a Schedule C is the best way to report this income. > Or is there a better alternative? - quote - > (I am already filing a Schedule C to report a small income
No, it's one Schedule C for each business. You'll also have> from freelance writing; I don't suppose I could use the same > one to report her income.) a Schedule SE for each of you, assuming sufficient profit. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#-1
10-13-2005, 03:39 AM
| |||
| |||
| Reporting income? ? ? My wife and I have been retired for several years, and we both receive Social Security. This year she started a small decorating business which involved five or six jobs and brought in a few thousand dollars in income. I assume a Schedule C is the best way to report this income. Or is there a better alternative? (I am already filing a Schedule C to report a small income from freelance writing; I don't suppose I could use the same one to report her income.) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| income, reporting |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Reporting small income? el_roachmeister@yahoo.com: This is my first year running my small business. Most of my income is from yearly contracts paid in full for ~$200-300. Occasionally Ill do some... | Taxes | 25 | 10-21-2005 04:03 AM | |
| reporting rental income dyu9999@gmail.com: Hi, I had a rental property and tried to rent for months but could not, later on I did rent for a week to some vacationers and got a one time... | Taxes | 1 | 04-01-2005 07:27 AM | |
| Self-reporting interest income - how to? Surok: In a situation where a non-resident alien becomes married to a US resident, and they decide to file a joint tax return (requesting that a... | Taxes | 2 | 02-03-2004 05:42 AM | |
| Income reporting on 1099-MISC John Caruso: A company sends a check to a contractor on 12/28/2003, but the check isn't received until 1/2/2004. The IRS is very specific that if the... | Taxes | 12 | 01-09-2004 03:35 AM | |
| Income reporting problems Colin: When I pay a credit card bill, money records the transaction from my checking account as an expense, and records the credit payment that is shown... | Microsoft Money | 2 | 08-06-2003 07:10 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
