how can i pay my taxes if i have busnies on the internet like foreX trading. or amazon store i have on my web site www.dove4.com they dont do it for us they always tell us to ask some one who has experience in doing taxes papers (foreX trading)please help me with that i dont know anything about taxes and i dont wana to get in trouble is there any one can help me with that?
2007-12-04 20:19:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Forex trading should send you some kind of papers showing the information needed to prepare your taxes. For the amazon store, you need to keep the records yourself of all of your sales and revenue, and any associated expenses like buying the items in the first place, fees you pay, and shipping.
You need to take all of the above info to a CPA or enrolled agent and have them prepare your tax return. This is not something you should take to a storefront tax place like H&R Block or Jackson Hewitt.
2007-12-05 01:22:21 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
1. For reporting gains and losses for forex trading, you need professional help. How and where you report it depends upon type of trading. For more info
http://www.greencompany.com/EducationCenter/ForexTradingExpoVegas2006GreenWorkshop.pdf
2. You web site business may be your self employed business. Its income and expenses are reported on schedule C (Form 1040). The net income is subject to SE tax of 15.3%. For this you file schedule SE (Form 1040).
2007-12-04 21:36:01 · answer #2 · answered by MukatA 6 · 1⤊ 0⤋
expensive A: while you're paying for and advertising at domicile you will ought to calculate your features. in case you wade with the aid of a broking service he could desire to grant you with your year end features/losses. you may desire to have been remitting taxes all year on form 1040ES (predicted money). they are due in Apr. June Sept and Jan. you should probable get closer the Jan fee. Scd D would be your reporting form for the features at distant places money. save good data for the account and if needed deliver a reproduction with your return. this recommendation became into arranged in keeping with our expertise of the tax regulation in effect on the time it became into written because it applies to the info which you provided. click on my profile to study extra. Errol Quinn Enrolled Agent
2016-10-10 07:22:41 · answer #3 · answered by mccaleb 3 · 0⤊ 0⤋
I would advise you not to wait until tax time to see a professional. Failing to do so could result in unintended negative tax consequences.
2007-12-05 04:01:06 · answer #4 · answered by taxreff 7 · 0⤊ 0⤋