tax? how to
 

Hi

What?s the best way to keep track for tax time? Are Quick books pro good enough?

I saw that many of the programs require a social security number or Federal Tax ID. What is better work under a business Tax ID or the SS#?

Thanks

save EVERY receipt.

thanks Mikey


Did you use a Fed Tax ID or just your social security number?

Do we pay tax like it was an self employed?

ss #

whatever you do.. don´t try to "save" taxes lol

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Trax

Quicken (whatever the top vers is currently) or Quick Books Pro are the best tools to print reports for your account. Saves time which saves you $$. But you do have to have the receipts with notations of what it is exactly for each item on it in case of the IRS shakedowns. Use your SS# and you are Joe Smith dba such and such site.

Yeah, I just got a trial version of quick books pro. I think it's the best out right now.

Gemini,

Do you know how Webmasters are taxed? Is it treated like an business?

I thought about an business license but I heard many just use their SS#

[This message has been edited by eded081 (edited 08-18-2001).]

eded081,

basically you get taxed like this:
you will pay federal tax ( the amount dependent upon what you make ) you will also have to pay state tax if you live in a state that has a state tax and you will have to social security/ self-employment tax which is about 15% of your income. If you make any real money in this biz don't be suprised to see yourself paying about 40% of your income to taxes.

always best way is to get a CPA

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Quick Books is an excellent program to use. I also believe that once you make over a certain amount, I think like $600.00 in a year, the company that is paying you has to issue you a 1099 form at tax time.

Regards,



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