Work At Home Tax Information for the Self Employed

Below you will find a brief part of the actual information that is on our tax section on the W@HA members site.

Note: If you are working for a company and they DO NOT take taxes out then you have to keep up with your income and will be responsible for you taxes as a self-employed person!

There is more info on each topic underlined on the Members site, this is just to show you what type information is on there about taxes.

Self - Employment Tax

You usually must pay self-employment taxes if you have a net profit from self-employment of an amount of $400.00 or more.

Tips when starting your own business to keep out of trouble with the IRS

It has been proven that poor record keeping is a huge result of people losing when the IRS gives them an audit. This is a higher % than people being dishonest.

Please be sure to keep excellent records. Also do not throw away records when the year is up. You need to get a storage box and mark it for that closing year and store it up to 7 years. An audit can go back several years of your business and you do not want to get caught with NO records to back up your business expenses, income, etc.

Other information that is on the tax section on the members site is the following:

• Partnerships in a business - Is my business a partnership and do I have to file papers on this?
• Is my business a Sole Proprietorship?

Plus useful tax links to tax sites and to tax program sites that are great to use for bookkeeping when working at home.

Become a member by clicking here

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