I have already filed my taxes. Am I not entitled to the tax break congress just passed last week?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
D M asked:
I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
Are there tax benefits if I get a business lisense for selling things on online auctions?
January 25, 2009 by Tax Blog
Filed under Questions & Answers
Jack asked:
I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.
I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.
Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?
(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?