I am filing taxes (<-for a tax return) for my business. I only have a receipt book to prove the sales I made. Will I need anymore "paperwork" when I go to file my taxes? I only made 6800.00 dollars. I was told all I need is my receipt book, is this true?
2007-06-06 02:10:56 · 2 answers · asked by Hanif 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
No bank? No wire transactions? Just cash? You will be okay. Even with the self-employment tax, your tax debt should be zero.
2007-06-06 02:57:39 · answer #1 · answered by Helena Handbasket 3 · 0⤊ 3⤋
That should be enough as long as you do receipts for everything you sell. You'll also need paperwork on any associated expenses.
At $6800 income, if that's your only income, you probably won't owe income tax, but unless you have a lot of deductible expenses, you're likely to owe self-employment tax of 15.3% of your net income (after allowable expenses are deducted).
2007-06-06 10:27:03 · answer #2 · answered by Judy 7 · 0⤊ 0⤋