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Michael Odell posted a new Taxes thread on 5/30/2011

Tax id

As a small graphic artists do I need to have a tax id or claim the small amount of income on my tax return
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J B Day Responded on 6/29/2011


you would declare it on sch c of your 1040.
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Judy Musgrove Responded on 6/29/2011


Are you tracking your expenses too. You are considered a sole proprietor so need to claim income over 600 dollars - with expenses it could help you on your tax return
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John Cox Responded on 9/4/2011


If you made over 600 dollars on a job for a firm, they owe you a w-2 or a statement on a 1090 (contractor) form. If you are a sole proprietor and run a business, then it should be registered with a tax ID number and you would just file taxes like any other sole proprietor or llc. Ask a CPA for specifics if you're really bamboozled.
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Maria Marsala Responded on 9/5/2011


It's always good to get an EIN and open a bank account in a DBA (at least) to put things through. And of couse as Judy mentioned, keep receipts for all your expenses as well as travel fees.

I also recommend putting 25% aside in a business saving account - to use to pay your taxes or an emergency.
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