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Tax Tips For The Self-Employed

If you are self-employed, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS:

► Self-employment can include income you received for part-time work. This is in addition to income from your regular job.
► You must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with your Form 1040. You may use Schedule C-EZ if you had expenses less than $5,000 and meet certain other conditions. See the form instructions to find out if you can use the form.

How To Get A Copy Of A Prior Year's Tax Return From The IRS

If we prepared your tax returns for you, we keep copies of all your documents, so you can simply request a copy of your return from us at any time.

You can also get a Tax Return Transcript, a Tax Account Transcript, as well as actual copies of your tax returns from the IRS.  Here are the details:

Tax Return Transcript.  A return transcript shows most line items from your tax return just as you filed it. It also includes any forms and schedules you filed with your return. However, it does not reflect changes made to the return after you filed it. If you are applying for a mortgage, most mortgage companies require a tax return transcript and participate in our Income Verification Express Service program. If you are applying for financial aid, you can use the IRS Data Retrieval Tool on the FAFSA website to import your tax return information to your financial aid application. In both of these cases, you won’t have to request a transcript directly from the IRS.

2016-02-26 16:04:12 -0500

IRS Efforts On Identity Theft

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.  Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting and tax questions and obligations.

Contact

  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781