Reader Julie R. asked: I have educational expenses that are allowable under IRS tax regulations, but can’t for the life of me figure out where to list them on Schedule C. Could you tell me which line they go on? Education expenses are, indeed, deductible or are eligible for an Education Credit. For the purposes…
The average age of US farmers is over 57.Photo by Becky McCray Here is a chance to double down in San Francisco on 24 January 2011. Two million young people—many of them from rural backgrounds—have served in the U.S. military since the attacks of 9/11. These veterans are facing extremely hard times, with very high…
For those of you who have contracted work out to other people or partnerships and have paid those people or partnerships $600 or more in the past year, it is soon the time to report that to the IRS and to remind the subcontractors that the payments they received are taxable. The same is true…
Starting Jan. 1, 2011, the standard mileage rate for a car (also vans, pickups or panel trucks) becomes: 51 cents per mile for business miles driven from 1 Jan thru 30 Jun; 55.5 cents per mile 1 Jul thru 31 Dec, 2011 19 cents per mile driven for medical or moving purposes from 1 Jan…
Question: Can a sole proprietor have more than one business? Answer: Yes. Next question. Easy peasy. Seriously, as a sole proprietor, you may have one (1) business or several businesses. There is no limit to the number of businesses in which you may engage. The Internal Revenue Service says you must report your income and…
Did you ever want to be able to actually talk to someone “in the know” at the Internal Revenue Service? Well, here it is: a list of IRS phone numbers and web site links designed to give you the answers you need. It is quite an extensive list. I only have one caveat: stay away from the…
By Maesz I recently ordered a slow cooker from an individual merchant on Amazon. I know, I know, a crock pot is not a very high tech item. However, the interaction delivered by the merchant was, I thought, instructive from a “how-to-do-business” aspect. (All email addresses, street addresses and phone numbers have been removed by…
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