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My friend, Kristine McKinley is a CPA and a small business owner, so I’m going to post a bit of a “guest blog feature” here and let her talk to you about taxes and your small business. This is brief, but if you want even more information on your taxes and your small business, she has a fantastic book titled, “Your Top Online Biz Tax Questions Answered” along with a companion audio program. 

Many people wonder if their little online business or hobby-business means that they need to report the income and file a tax return. Whether you are an affiliate marketer, you sell things on Ebay or you do some sort of direct marketing and sales, there are definitely rules about how to report that income. I’ll let Kristine fill in the blanks….

Kristine writes:

“* You must report all income earned.  It’s a common misconception that if you don’t earn much or if you’re just doing it as a hobby that it’s not reportable or taxable.  That’s not true.  All income is reportable from the first dollar earned. ”

“* It doesn’t matter if you receive a 1099 or not.  It also doesn’t matter if you earn less than a certain amount.  Another myth is that if you earn less than $600 you don’t have to report the income.  Again, it’s just not true. ”

“* However, you are allowed to deduct business expenses from your income, so just because you have to report your income doesn’t mean you’ll have to pay any taxes.  If you have expenses that are as much as or greater than your income, then you won’t owe any taxes, and you may even be able to use that loss to reduce other taxable income. “

If you have additional questions about reporting income in your small business, Kristine’s ebook and audio program might get some of those questions answered for you. She’s a Certified Public Accountant and a small business owner so she understands the complexities of running a business and looking out for yourself financially.

Her book and audio, “Your Top Online Biz Tax Questions Answered” is available on her website and the package includes:

–> A 72-minute recording of the ‘Your Top Online Biz Tax Questions Answered’ exclusive teleclass held on February 14, 2008.

–> A 20-page report discussing the questions answered on the audio recording in detail, along with additional information to answer your online business tax questions.

–> A bonus 52-minute recording of the October 2007 Tax Tips exclusive audio.

–> Links to additional resources to help you learn more about small business taxes.

Best thing? This book won’t break the bank either! The whole package is only $17!

Click here to check out what Kristine has to offer and to get those nagging online business tax questions finally answered!

Disclaimer: You know and I know that I’m not a CPA….so always consult your own tax professional for more information. I’m not responsible for what you mess up on your taxes! Sad, but I actually have to add that to the bottom of all of these types of posts….so do your own research and due diligence.

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