Working for The Man When You Are The Man Jun 6, 2009
You can deduct 20 percent of your self-employment income or $42,000, whichever is less. plans are another option, and unlike SEPs, you do not have to make your contribution by the due date on your tax return. (Slate)
* Improvements in the economy are not sustainable Jun 1, 2009
In contrast, salaries, self-employment income, dividends and interest all fell. The anomaly of rising consumption driven only by tax rebates and social-welfare payments ended in March, when consumer spending declined in response to lower employment and falling labor incomes. (Taipei Times, Taiwan -- Business)
Self Employed, Sometimes? Apr 10, 2009
Supplementing Self Employment Income. Supplementing self employment income can be a good idea for many different reasons ... There are a lot of good reasons for supplementing self employment income with part-time jobs that help pay the bills and perhaps even provide the benefits. (Suite101.com)
Tax changes may mean bigger paycheck Apr 7, 2009
Increased or decreased income not subject to withholding: Interest income, dividends, capital gains, self-employment income, IRA (including Roth IRA) distributions. 3. (MSNBC -- Business)
A survival guide for tax season Mar 8, 2009
All forms are in all versions, so even folks with self-employment income and stock losses can get by with the Deluxe edition (which includes one state's tax forms) and sells for $60 or less. You may get a second chance at last year's rebate. (India Times)
State allows online filing - without a tax preparer Mar 1, 2009
People reporting capital gains or self-employment income won't be able to use WebFile this year, but she says the program will eventually be broadened. One benefit of online filing, Bal says, is faster refunds - typically, according to officials, in two or three days as opposed to perhaps several weeks as the season wears on. (Boston Globe)
Can't Find Self Employment Jobs? Feb 25, 2009
Having trouble finding job opportunities to keep up self employment income. Learn how to create them instead. (Suite101.com)
When To Hire A00004000 Pro To Do Your Taxes Feb 8, 2009
A tax pro with experience in reporting self-employment income and the unique and legitimate tax strategies of your specific work or situation can also help you maximize your tax savings. Investment Sales: If you report sales of stocks or mutual funds in non-retirement accounts, youll have to compute the capital gains or losses from the sales. (CBS News -- Early Show)
How Do You Fix a $527 Million Budget Shortfall? Mar 28, 2008
The federal economic stimulus payments are being distributed by the U.S. Treasury beginning in May to more than 130 million eligible tax filers with at least 3,000 in qualifying income, which, according to the U.S. Internal Revenue Service, can include any combination of qualifying wages, tips, self-employment income, non-taxable combat pay, social security benefits, and VA compensation, pension, and survivors benefits. Economic stimulus payments for those who qualify will range between 300 and... (Agri-View, WI)
Guest Column (4) Mar 26, 2008
Net self-employment income. Social Security benefits reported in box 5 of the 2007 Form 1099-SSA, which would have been received in January 2008. (Leitchfield Grayson County, KY)
Taking Some Extra Credit Mar 25, 2008
1) Your earned income, which includes wages, tips and self-employment income; however, not income from other sources such as investments, social security or unemployment benefits ... 1) Your earned income, which includes wages, tips and self-employment income; however, not income from other sources such as investments, social security or unemployment benefits. (Townhall.com)
Taking the 'duh?' out of deducing deductions Mar 18, 2008
It will calculate self-employment income and capital gains, and it can be used in Quebec, where residents file separate federal and provincial tax forms. UFile has incorporated tax changes for 2007, including reduced tax rates and sales taxes, and the rate for a child younger than 19. (Globe and Mail -- Technology)
Dunmor Post Office helping get word out about tax rebates (4) Mar 16, 2008
Qualifying income includes wages/salaries, net self-employment income, Social Security benefits, certain Railroad Retirement benefits, and certain veterans' benefits. Jessup said that the form seniors who don't normally file tax returns have to fill out is simple and only takes about five minutes. (Russellville News Democrat Leader, KY)
Local address: Congressional District 8 U.S. Rep. Gabrielle Giffords discussed the tax stimulus package in a \"Town Hall\" meeting Wednesday. (Thelma Grimes/photo.) Feb 27, 2008
For seniors and disabled citizens, the measure provides recovery rebates to anyone who receives at least 3,000 in Social Security income, self-employment income or veterans' disability payments. These Americans are expected to get at least 300 per single, 600 per couple and another 300 per child. (Benson San Pedro Valley News Sun, AZ)
What Tax Preparers Won't Tell You Feb 20, 2008
"For one W-2, mortgage interest and a couple of kids, TurboTax is just fine," says Kerry Kerstetter, an Arkansas CPA. If, on the other hand, you're attaching a schedule for self-employment income or capital losses, consider getting help. And even then, if a return is made complicated by a one-time event say, the birth of a child or the acquisition of a rental property you might need only one year's worth of advice. (SmartMoney)
IRS: Over 130 million will receive stimulus payments Feb 19, 2008
For the purpose of the stimulus payments, qualifying income consists of earned income such as wages and net self-employment income as well as Social Security or certain Railroad Retirement benefits and veterans disability compensation,, pension or survivors benefits received from the Department of Veterans Affairs in 2007. However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. (Yreka Siskiyou Daily News, CA)
VITA in full swing Feb 15, 2008
Now the program has three volunteers who prepare simple tax returns and self-employment income with certain requirements. The volunteers can even handle simple stock and bond issues. (Farmington Valley Post, CT)
Read more. . Jan 18, 2008
You also may have received self-employment income on Form 1099-MISC, Miscellaneous Income ... When retired, you may receive a Form SSA-1099 for social security and/or a Form 1099-R for pension income, in addition to wages or self-employment income. (Williston Daily Herald, ND)
Business taxes topic of free seminar today Dec 11, 2007
This workshop will discuss sole proprietorship, record keeping, maintaining and understanding your business tax situation, self-employment income tax breaks, write-offs and home business tax information. Seating is limited. (Racine Journal Times, WI)
Without a Net Oct 5, 2007
They allow you to contribute and deduct up to 20% of self-employment income or 25% of your salary if you're an employee of your own corporation. (You can change your percentage each year without incurring any penalties. (SmartMoney)
English GPs out-earn their UK colleagues by almost 15% Jul 18, 2007
The IC's The GP Earnings and Expenses Enquiry 2004/05 was based on a sample of 17,897 GPs who report one or more sources of self-employment income with accounting year ending in the final quarter (1st January 2005 to 5th April 2005). The new figures, which update previous ones published by The IC in April, relate to earnings, expenses and income derived from all self-employed sources, as reported on tax returns, and so include private as well as NHS work. (OnMedica)
Retirement Planning for Entrepreneurs Jul 14, 2007
SEPs allow you to contribute and deduct up to 20 percent of your net self-employment income; the limit is 25 percent of your salary if you're an employee of your own corporation. Keep in mind that since your self-employment income may vary each year, the contribution can vary as well. (MSNBC -- Business)
Ask an expert May 13, 2007
Second, you establish an individual 401(k) for your self-employment income. Third, since only pretax dollars can be rolled over from your IRA to your individual 401(k), transfer the entire account except for the post-tax dollars. (Orlando Sentinel -- Business)
The Sky Is Not Falling Apr 29, 2007
Mr. Gross fails to break out the three main sources of federal tax revenue: (1) withheld income and employment taxes; (2) "other than withheld" taxes paid on capital gains, self-employment income, under-withheld wage income, and a variety of other income sources; and (3) corporate income taxes. If he did that, he would realize that there is no sign of a collapse in federal tax revenue. (Forbes)
Opinion: Tax Tips for Techies Apr 24, 2007
You can contribute up to 25 percent of your self-employment income (gross income minus expenses) to SEP (Simplified Employee Pension) and deduct the full amount. This IRA-like plan can be created and contributed to right up until the date you file your return. (eWeek)
Taxes and Claiming Expenses Apr 2, 2007
It is already difficult to claim self employment income, figure out self employment taxes (yes, sometimes there are extra self employment taxes, as if working from home isn t hard enough already. and make sure that all paperwork is in its proper place. (Suite101.com)
Your Money: TurboTax is rated most user-friendly Apr 1, 2007
"For someone with investments like rental property, itemized deductions, capital gains or self-employment income, you need a CPA.". Doing your own taxes can be an ambitious undertaking, but it will not increase your chances of being audited, said IRS spokesman Kevin McKeon. (Atlanta Journal-Constitution -- Business)
Avoiding Audits Mar 29, 2007
Also, reporting large amounts of self-employment income, typically in excess of $100,000, on Schedule C seems to get the IRS' attention. According to the IRS, often these filers load up on dubious deductions and have fewer records justifying the write-offs they claim. (CBS News -- Early Show)
Paying The Least At Tax Time Mar 28, 2007
SEP IRA Contribution: If you have income from self-employment, then you can deduct a contribution to a SEP IRA (Simplified Employee Pension) of 25 percent of self employment income, up to a maximum of $15,000. You are allowed to set up and contribute to a SEP IRA by the date you file your tax return which, if you file an extension, can be as late as October 17 this year. (CBS News -- US)
Tax e-filing: New programs easing taxpayers' problems Mar 19, 2007
"For someone with investments like rental property, itemized deductions, capital gains, or self-employment income, you need a CPA.". Khadine Azeez, a 25-year-old accounting student at Long Island University, agreed to evaluate the three most popular tax programs. (AZCentral -- Business)
10 tips to get you through your 2006 returns Mar 4, 2007
The amount, up to $44,000 in some popular plans, depends on self-employment income and the type of account. Filing status. (Boston Globe)
But neither system lets you make split deposits Feb 16, 2007
For folks with a lot of complex deductions, self-employment income, or investment returns, the answer may be yes. But our test drive of a relatively straightforward return common deductions, income listed on W-2 forms, with a small amount of interest income found that TaxCut delivered the same result, in about the time it took to do the same return on TurboTax. (USA Today -- Money)
Too Late to Start A Retirement Plan for My Business? Feb 14, 2007
You may contribute up to 25% of compensation if you re an employee of your own corporation up to $45,000, or up to 20% of self-employment income up to $45,000, but you must contribute the same salary percentage to eligible employees that you do for yourself. Ease and Flexibility The paperwork for a SEP is minimal; unlike many other retirement plans, you do not need to file annual reports with the IRS and there is not a plan document. (Variety)
Tips for saving for your retirement fund Feb 11, 2007
If you have self-employment income, look into a simplified employee pension plan or a Keogh. These plans allow deductible contributions, and your money grows tax-deferred. (Coos Bay-North Bend The World, OR)
Ask Realty Times Feb 3, 2007
Answer: Schedule C is used to report business activities for someone who has self-employment income and expenses. Because you have expenses and no income you will show a Schedule C loss. (RealtyTimes)
Taxing times Jan 14, 2007
He also cautioned that he has been seeing more S corporation audits in the last 18 months, probably a result of more business owners converting to S corporations to avoid accurately reporting self-employment income. Rousso also said he had seen more interest in that area. (Long Beach Press-Telegram)
• Hearings Calendar Jan 7, 2007
SB2069 - Determination of self-employment income for eligibility for the children's health insurance program. 9:15 a.m.. (Bismarck Tribune, ND)
