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need tax advice for this year!

Discussion in 'Business & Tax Advice' started by Checkmate, Jan 4, 2011.

  1. Checkmate

    Checkmate Elite Member

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    Within the past 6 months in 2010 I made over $25,000 from CPA, I have not registered a business name etc.

    There is a couple forms I see I could fill out but I am not definite which one it is.

    Any advice?
     
  2. anish891

    anish891 Junior Member

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    Ive been looking into this myself too. Most of the ones I see people do are LLCs. Hope someone else can give more info.
     
  3. .david.

    .david. Junior Member

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    I'd call a CPA for advice on CPA money.
     
  4. kirkonpolttaja

    kirkonpolttaja Senior Member

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    Havent done this also lol... I should go to talk with taxer about this.

    Can IM be counted as freelancer work? if your doing stuff alone for CPA network?
    If this is the case... HURRAY!!! low tax rate!.. which is 7% :D if CPA is counted as normal work.. tax rate will be 23%
     
  5. Mr Ex

    Mr Ex Regular Member

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    It should be counted as freelance work because you will be on 1099.
     
  6. Checkmate

    Checkmate Elite Member

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    .david.*yes that is a good idea didn't think of that.

    But if anyone has a lot of knowledge about this feel free to leave your input :)
     
  7. BorisTipsIt

    BorisTipsIt Regular Member

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    What country? If the US, then you report it on your 1040 Schedule C.

    Single owner LLCs don't help much. The IRS considers them disregarded entities and you just end up paying as though you were a sole proprietor [freelancer].
     
  8. Checkmate

    Checkmate Elite Member

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    Yes I'm in the USA, thanks I will look into that form asap.

    I heard 5 different answers on what form I have to fill out. :/
     
  9. thizsukz

    thizsukz Registered Member

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    Just write off everything possible