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#2047275 - 03/12/13 09:44 PM Starting out as your own "small business"
Kosmom Offline
Junior Member

Registered: 03/11/13
Posts: 2
Hello, I'm new here : )
Have been teaching piano for many years, and playing for local schools/choruses, theatres, events, etc. for many years and didn't make a whole lot of extra income at it, so just reported it on taxes as miscellaneous. This past year I have made over the $400 limit so I need to report it differently. (Had I known I would end up taking on this many gigs, I would have begun this process last January ; ) So I need to become a "sole proprietorship" so I can pay my SE taxes quarterly and keep it separate from my full-time job income taxes. So where do I start? I have done a little research saying I need a tax ID # for my business, and need to register with county clerk and at state and federal level...but which comes first? Any advice would be appreciated!!

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#2047285 - 03/12/13 09:52 PM Re: Starting out as your own "small business" [Re: Kosmom]
Barb860 Offline
1000 Post Club Member

Registered: 04/11/09
Posts: 1649
Loc: northern California
I recommend finding a good tax preparer/accountant/bookkeeper in your area to help you with this. For me it has been well worth it.
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#2047309 - 03/12/13 10:27 PM Re: Starting out as your own "small business" [Re: Kosmom]
RBMusik Offline
Full Member

Registered: 01/27/13
Posts: 42
Loc: Philadelphia
You don't need to do any of that. forget the MISC form. Don't pay quarterly taxes. Don't register anything with anyone unless you're starting a serious business with assets. The IRS is extremely vague on delineating what constitutes a business versus a hobby. Just report the income on schedule c as business income. Use your own name and ssn. The 400 dollar number is merely the threshold where you will pay self employment income in addition to your "regular job". It's taxed at a lower rate.

Make sure you keep a good log(books) and deduct ALL of your expenses. Gas, equipment, music, computers, etc. if you can't deduct huge amounts, you're doing something wrong. with the numbers you imply, it's chump change to the govt (sorry)

Don't take this advice as fact. Check with a tax attorney. They'll be even more ruthless in my opinion. As a musician, they'd probably advise you not to report anything that has no paper trail.
_________________________
RB
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#2047315 - 03/12/13 10:35 PM Re: Starting out as your own "small business" [Re: Kosmom]
bzpiano Offline
1000 Post Club Member

Registered: 05/10/11
Posts: 1090
Loc: Irvine, CA
Quote:
This past year I have made over the $400 limit so I need to report it differently.


If that is what you think, you need to consult your local tax expert/ accountant.
_________________________
Piano lessons in Irvine, CA
Follow my 4YO student here: http://bit.ly/FollowMeiY

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#2047317 - 03/12/13 10:38 PM Re: Starting out as your own "small business" [Re: Kosmom]
Peter K. Mose Offline
1000 Post Club Member

Registered: 01/06/12
Posts: 1780
Loc: Toronto, Ontario
Buy yourself a leftie, or little-guy, book on running your own business. There are many. Years ago there was a great one called "Small Time Operator" by Bernie Kamaroff.

RB's advice is excellent. You will have deductions galore if you start filling out that Schedule C for your few earnings. Don't fret this.

You could also hire a local bookkeeper just to pick his or her brain for an hour on how to start conducting yourself taxwise, if you don't want to read a book.


Edited by Peter K. Mose (03/12/13 10:39 PM)

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