Tax time!

rdbeckerrdbecker Registered Users Posts: 5 Beginner grinner
edited February 15, 2006 in Mind Your Own Business
I opened a Smugmug account late last year and have made $200 in sales in the last three months. Not a ton of money, but at least I'm making a few bucks. I haven't actually received a payment from Smugmug yet, but I'm expecting to pick up more sales so I hope to get that first check soon. With that said, I'll to have to turn this income in on next year's taxes.

However, I do have a few start up costs that I'm expensing for '05...camera, Smugmug fee, and a burner I bought for making backups of my work. Anything I need to know about before I submit my taxes to the IRS? Anything I should look out for? What about receipts...I'm filing electronically...am I expected to submit receipts? Any expenses I may be missing? This is the first time I've done this so I want to make sure my bases are covered.

Also...how could I go about getting a receipt for my Smugmug subscription?

Thanks!

Comments

  • AndyAndy Registered Users Posts: 50,016 Major grins
    edited February 12, 2006
    rdbecker wrote:
    Also...how could I go about getting a receipt for my Smugmug subscription?

    Thanks!

    Normally your credit card statement is enough. Should you require another receipt, just email the help desk:

    http://www.smugmug.com/help/emailreal

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    Andy

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  • StevenVStevenV Registered Users Posts: 1,174 Major grins
    edited February 14, 2006
    rdbecker wrote:
    ...I'm filing electronically...am I expected to submit receipts? Any expenses I may be missing? This is the first time I've done this so I want to make sure my bases are covered.

    It's suprising just how little paper they want anymore... especially if you're filing electronically.

    BUT

    You should keep as (or more) meticulious paper records, receipts, etc. as before just in case the audit-monster turnes it's gaze your way.
    -Steven
    my words, my "pro"pictures, my "fun" pictures, my videos.

  • rdbeckerrdbecker Registered Users Posts: 5 Beginner grinner
    edited February 15, 2006
    StevenV wrote:
    It's suprising just how little paper they want anymore... especially if you're filing electronically.

    BUT

    You should keep as (or more) meticulious paper records, receipts, etc. as before just in case the audit-monster turnes it's gaze your way.

    It's so easy now that it almost makes you wonder if you're doing something wrong. I definitely have receipts on hand and will hang on to them.

    Thanks for the $.02, guys.
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