Press Release (ePRNews.com) - Keizer, OR - Nov 20, 2015 - If you work for yourself you are required by law to file a federal tax return every year.
The only exception is when your total business income is less than $1. And, until that tax return is filed, the IRS assumes that you owe taxes on 100% of all income received, and that you have no deductible expenses. Kindle editions of a series published by One More Press make it easier for part-time people to file their taxes.
“You want to avoid the IRS hobby classification because it does not allow for business deductions.”
One More Press allows the self-employed person to learn exactly what the IRS expects and to get organized quickly at tax time. Written by KiKi Canniff, a retired tax consultant and the author of the Annual Tax Mess, this is an easy-to-understand series that explains how part-time self-employed people can lower their taxes and take the stress out of tax time.
This book, Creativity is My Business, explains what the self-employed part-time creative person can and cannot deduct, how to document your time, income and expenses, what the IRS expects if you have inventory, and how simple it is to keep audit-proof records. It includes organizer forms for tracking income, expenses, inventory and necessary end-of-tax-year information.
Anyone working in a hobby industry, which is any profession the IRS has decided other people do for fun, must also be prepared to prove profit motivation if their tax return is audited. This entire series was created for self-employed people fighting this classification. Creativity is My Business, and other titles in this series made its Kindle debut recently.
This series explains how to beat the hobby classification, so that you can take full advantage of all business deductions, including losses. Forms for documenting profit motive are included in each. It includes advice on what else you need to have on hand. Kindle titles in this series include Creativity is My Business; other titles can be found listed at Amazon.com or www.OneMorePress.com.
Business Info : One More Press