We are two months away from the close of tax year 2015. Have you filed your taxes yet? If not, we are sharing some tips on great ways to do that… plus we are offering up three helpful resources for you:
Now, here’s a little bit of a very basic break down:
If you make more than $0 in income then you are a business, my friends.
Anything of value that is given to you or earned by you, including money, property, or services.
Technically, no you do not… all that that affects is how you file and what forms you will file.
Sort of. There is a lot of technicalities involved with hosting giveaways and there is a threshold and a fine line between “gifting” and providing free product and services. To sum it up really simply…
The $600 rule applies on whether you will receive a separate tax form. Regardless of the value of the prize, you are technically required to report it as income.
Keep very, very, very thorough records. This means keeping all receipts; utilizing tools, apps, and programs; maintaining any necessary travel logs or other logbooks; and documenting, documenting, documenting! There are an abundance of items you can claim as a deduction, but technically we really don’t advise you claiming them if you don’t have the record-keeping to back it up should you get audited.
By law, you must keep all business records for five years.
The eBook goes into detail answering all those above questions, including:
If you’re interested in purchasing the cheatsheet only for $4.95 (already including taxes and is, in turn, tax-deductible for you), then you can buy it in our shop.
Lastly, to access the free income and expense tracker spreadsheets without purchasing the eBook, sign up to be a member of the Brand Collective Network for access to our free library filled with other tools and resources.
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