: Home Based Business: Income Tax Information by: Tina Rideout Understanding your Tax obligations relative to your Home Based Business can be a confusing issue. The IRS has been more attentive to the claims made by Home

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Home Based Business: Income Tax Information

by: Tina Rideout

Understanding your Tax obligations relative to your Home Based Business can be a confusing issue. The IRS has been more attentive to the claims made by Home Based Business operators; therefore it is imperative that we educate ourselves about our obligations and responsibilities.
The IRS website provides information regarding Home Based Business tax obligations and requirements.
www.irs.gov/index.html
IRS Workshops:
The IRS website provides a list of workshops that are sponsored by IRS partners who are specialist.
They provide a variety of topics:
General Tax information
Record Keeping
Insurance
Retirement Plans
Online Classroom
www.irs.gov/businesses/small/article/0,,id=97726,00.html
What Can I Deduct?
Self-Employed Individuals or Independent Contractors
2003 & 2004 Tax Changes for Businesses
Employment Taxes for Small Businesses
Several Home-Based Tax Schemes have developed in the past year. The IRS has issued warnings in order to help us avoid the pitfalls of false claims.
Tax Scams - How to Recognize and Avoid Them
These schemes manipulate and misinterpret tax laws.
Related News, Court Cases and Tax Law
Internet Driven Home Based Business income is based on Commissions.
The full amounts of any commissions you receive are treated as income. This is true whether your commission is called a bonus or a percentage, and whether it is based on both your sales and the sales of other sellers working under you or on purchases from the company with which you are affiliated. You are taxed on gross income minus expenses.
Tax Services and Products:
Information Returns Processing
Small Business Products Online Ordering
Approved IRS e-file for Business Providers
Avoiding Problems
Business Forms and Pubs