In a message dated 8/4/2003 9:27:26 PM Central Daylight Time, deaf_mike@hotmail.com
writes:
I recommend you set up a "sole proprietorship." Register for a business license with the state of Utah. At the end of the year you fill out "Schedule C" for small businesses. I recommend you get a copy of "Schedule C" from the internet (http://www.irs.gov/) or directly from an IRS service center. Then build your accounting system around that form. By categorizing your expenditures in terms of "Schedule C" throughout the year, tax time will be much more smooth.
Bill
Dear Mike,My questions is: When I make money out of this business, how do I do the tax thing? Under a business license type of thing or under my other sources of income? I should keep record of the money I make off of this business right?
I recommend you set up a "sole proprietorship." Register for a business license with the state of Utah. At the end of the year you fill out "Schedule C" for small businesses. I recommend you get a copy of "Schedule C" from the internet (http://www.irs.gov/) or directly from an IRS service center. Then build your accounting system around that form. By categorizing your expenditures in terms of "Schedule C" throughout the year, tax time will be much more smooth.
Bill
