Discussion:Profitable website & my tax return
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Discussion Forum Index --> Tax Questions --> Profitable website & my tax return
| 13 April 2007 | |
| Hi everyone, I searched the forums and don't see anything for my question.
I started a website in August 2006 and have put several thousands of dollars into the site. I've saved the e-receipts from the various vendors, etc. I've accepted about $600 in payments from website members. Part of the agreement with my members is that for every $10 that is sent, we donate $1 to NORML organization. I now waited to the last minute to file my income tax return and I have no idea about what I should do as far as referencing my website, money spent on it, and money taken in. Websites don't come with these kinds of instructions haha so I'm relying on some of you to hopefully have an answer for me. ;) I've visited many "business" websites, called people on the phone, etc. over the past few years for other websites of mine. If anyone knows what I'm asking I'd sure appreciate some advice. I hope this will be more easy than difficult. Thanks, Chris | |
| 13 April 2007 | |
| Not really sure what you are asking, but sounds like you need to file a Schedule C for money taken in and expenses paid out | |
| 13 April 2007 | |
| Thanks. Perhaps that is the answer. In short, my question is do I file as I've done every year with an EZ form online, or am I forced to do something differently because I've taken in money? Also I was thinking that since I've spent several thousands dollars perhaps some of that was deductible in some way? I'll try to research Schedule C. | |
| 13 April 2007 | |
| Contact a tax professional and have him/her file an extension for you and then have them prepare your taxes. A form EZ online as a long way from where you are now. | |
| 13 April 2007 | |
| I agree with 1040man. Try to get a referral from a friend who owns a business to get the name of a tax pro. If you absolutely cannot find a pro before 4-17, go to irs.gov, Individual, Forms and Publications, and fill in the blanks on an extension (after reading instructions), and send. | |
| 13 April 2007 | |
| Cadkins23, because of a statement in your initial post, I'd like to discuss this with you, but definitely NOT in a public forum. Please click on my name and you'll find the link to my website. From there, please contact me directly. | |
