Taxing Small Business
About 134 million Americans will file tax returns in the coming weeks. And about 20 million of those returns will include Schedule C - the page that reports your income from self-employment. Whether you're a freelance writer, or a baby sitter, or a seller on eBay(EBAY Quote), if you have earned income that wasn't taxed as wages, you'll have to file Schedule C.
That's the bad news -- more work reporting income for the self-employed. But the good news is that being self-employed means you also get more potential deductions.
Figuring out how much you owe in taxes can be quite a challenge for the self-employed. It becomes even more complicated if you also have a regular job, with income that is reported from your employer on a W-2 form. Separating not only income, but deductions, can be a paperwork nightmare. ...
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