If you have a combination of income types:You will be better off subtracting as many expenses as you can on the Schedule C, since this will lower your Self Employment Tax. If an expense relates to both types, either put it all on the C or break it down and put a percentage on the C. Don't lie, but take the time to figure out what can legitimately be deducted against each type of income.

4. If all of this seems overwhelming or confusing: Go to a professional tax preparer Wholesale Cigarettes Online. The most important thing for you to do is keep track of your income and expenses; you can always pay someone to put everything in the right place on the right form for you Cheap Cigarettes Online USA. But good recordkeeping is crucial. Even the best tax professionals cannot save you money or keep you out of trouble if you don't have good records. Keep all receipts, even if you just throw them in a big envelope marked "Taxes." Note daily expenses in whatever kind of calendar you use for appointments. The IRS loves to see stuff in writing. And don't forget the benefit of educating yourself; taking even a few online classes in business tax law can help you keep your company (yourself) from being faced with problematic tax issues.


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