MBToolBox - Behind the 'bistro
Tuesday, Apr 04

F!@#ing Taxes

madashell.jpgIf you're like me, you did pretty well last year in terms of freelancing. If you're also like me, any joy regarding this fact has quickly turned into rage once you've estimated how much you owe the government thanks to all that untaxed work. I am slowly learning the facts of life regarding what one can deduct as a small business expense (and am crossing my fingers that the copies of all my 2005 credit card statements come before April 17.) Don't be like me. Here are some resources for you.

Mediabistro bulletin board users want to know: What deductions are you making?

Were your expenses less than $5000 this year? You might want to try Schedule C-EZ.

The tax guide for small businesses.

Advice on home office deductions from the Times.

And more from the IRS on this, like Business Use of Home, more on this from article 587, on business use and rental property,and calculating the cost basis of your home. If your eyes are glazing over, here is a little more basic article on deducting your home office.

Start a "side business," and give your kids W-2s.

Tips from the IRS for Self-Employed Individuals or Independent Contractors.

Learn about the Self-Employment Tax.

And, 12 mistakes to avoid.

Finally, this is just word of mouth but apparently H&R Block online is a huge rip and TurboTax is pretty good. But nothing compares to having an actual accountant. So if it's too late for you for now, put that on your to-do list for April 18.


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