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January 16, 2007
Tax Time - A Plea for Help
I thought I'd throw out a little question your way, you fabulously talented and knowledgeable readers, you!
It's coming up on tax time and while my Etsy endeavor hasn't rocketed me into the ranks of the self employed (yet), I did make a tiny bit o' cash and I want to make sure all my i's are dotted, t's crossed and the like so that Uncle Sam doesn't march up to my door, slam a pair of cuffs on top of my handknit wristlets and put me away.
I looked into getting my taxes done professionally and they want like 200 bucks! Um, I'm poor. That is mucho dinero for this little gringa!
Any of you entrepreneurs out there know if this should be a fairly simple process? I usually handle my own taxes, but I do NOT want to screw up! Just wondering if anyone's been through this already and might have some advice to lend and/or some resources they could recommend.
PS - I finished up a gift for my favorite barkeep! The Irish Hiking Scarf is finit - I'll try to convince him to let me click his pic when I present him with it. :) (MH is in charge of the scarf for the other bartender - if all goes well, maybe we can give them both tonight - yippee!)
Posted by Sarah at January 16, 2007 2:24 PM
Posted to getting SNIPPY
Comments
I used to be self-employed, and I used TurboTax or some online version that is similar. It asks a series of questions, and it helps you fill out the proper forms. I don't have specific information on the taxation of sale of goods, but I've found the tax software for Federal, State and itemizing to be very good.
Posted by: Gina at January 17, 2007 9:31 AM
I'm also going to give TurboTax two thumbs up - it's so much easier than trying to do it yourself. Totally worth the $30 or whatever they charge.
Posted by: MeBeth at January 17, 2007 12:25 PM
If you make under $52 grand, you qualify for free tax software to help you out. Go to:
http://www.irs.gov/efile/article/0,,id=118986,00.html
I did this last year, and am doin' it again this year!
Good luck, sistah-lady!
Posted by: Heather at January 17, 2007 5:07 PM
Todd and myself have been getting our taxes professionally done for 5 years and it is soooooooooooooooooooooooo worth it. They always getus back so much more money than we do our selves. And it would cost you 200$ it would be more like 75$. Also the can take their fee directly out of your income tax check if you don't have the cash up front.
Posted by: Michelle at January 18, 2007 12:27 PM
hey, my accountant told me that unless you make more than $10,000 it is considered a hobby and not to worry about it...
Posted by: natasha at January 20, 2007 8:22 PM