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About Self-Employed Federal Income Tax Deductions
About Tax Deductions for a Hybrid Car Purchase
About Tax Deductions for College
About W4 Tax Withholding Forms
Are Disability Benefits Taxable?
Are Hobby Expenses Deductible Under Federal Income Tax Laws?
How Do Tax Write-Offs Work?
How to Calculate Federal Income Tax to Pay to the IRS
How to File a Tax Return
How to File Late Taxes
How to File Tax Returns in 2 States
How to File Taxes for Previous Years
How to File Taxes for Years Missed
How to File Taxes on Benefits
How to File Extra Income Taxes
How to Find Tax Forms & Instructions
How to Get a Copy of Last Year's Taxes
How to Pay Taxes on Side Income
How to Revoke a Child Tax Deduction
How to Use Legal Fees as a Tax Deduction
Net Income Tax Liability Definition
Penalties for Not Filing Income Tax
Tax Deductions for Business Use of a Car
Tax Deductions to Run a Business at Home
What to Claim on Income Taxes
Summary: Pay taxes on a side income by using the schedule C or schedule C EZ form to itemize revenues and expenses in order to come up with an amount of reportable income. Keep track of all side income revenue throughout the year with tips from a tax consultant in this free video on taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
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"Hi, we're here today to talk about how to file taxes on side income. Side income would be treated just like having a business on the side or another business. You'd use the Schedule C or Schedule C EZ, depending on the amount of expenses and the amount of income you have on the side venture. Typically we'll itemize your revenues and also your expenses and come up with a net figure of the amount of income you need to report from that side venture. And then that number will be transferred to your 1040 form in the appropriate box. It's, it's not too difficult, it's just a matter of keeping up with the expenses, keeping up with your revenues and doing good record keeping throughout the year, so when you get to tax time you've got everything you need to fill out your Schedule C."
eHow Article: How to Pay Taxes on Side Income
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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