4 ms·
find a really good accountant and talk to them. If you are treated as a business then there are these things called deductions. Taxes are assessed on profit n
by ms4720 15y ago
find a really good accountant and talk to them. If you are treated as a business then there are these things called deductions. Taxes are assessed on profit not revenue. It sounds like the irs is assuming that all revenue is profit, get someone to file forms otherwise. They may end up owing you money.
- camz 15y agoHe amended his returns to take into consideration the business deductions and received a refund as a result of the re-filed returns. Although, I didn't help him file the returns I walked him through the process because he'd be required to continue to file his future tax returns under the business classification. Finding an accountant is often expensive and considering his income from the website, it was significant enough to justify the additional cost of hiring a professional.