"What Are You Going To Do With Your Tax Refund?"

Someone asked this question on Twitter and I decided to answer it too.

Since I am self-employed I have to pay a self-employment tax so that means that I really don't get a tax refund. )-:

The money that I earn from my grant research, my Google Adsense income and my ebooklets all have to be reported and I have to pay a tax on that income. Since it isn't automatically take out I have to take it out and account for it myself.

This may seem like one of the more bad aspects of working for one's self but it is something that I would still rather do than to work for someone else!



It also makes filling out my tax forms a little bit more complicated because there is more than just the simple 1040 form that I have to fill out. But I'm happy to say that I am almost finished with filing my tax returns. I have already sent in 2 of the 3 that need to be done and the third on I just have to stick the forms in an envelope and mail them before the 15th! So I'm almost done!

If You Use Paypal And/Or Ebay - Get Ready For The IRS!

Just found out that starting in the year 2011, Paypal and Ebay are going to have to start reporting member earnings to the IRS! - YIKES!

Now not everyone will have to report their earnings / income from either Ebay or Paypal under certain conditions! It's best to read more about it by clicking here.

Another Benefit Of Having Your Own Business?

Tax Deductions!

Now that I can put this tax year behind me as far as my 2007 income taxes are concerned I have to tell you that one of the benefits of having one's own business is that you are able to deduct a lot of things that are considered business expenses!

Since I have earned money from adsense there are a lot of things that I have been able to deduct as far as my blogs and internet services are concerned.

You can also deduct things such as computer supplies, advertising costs and much, much more!

I do have to say that I hate the "self-employment" tax part of filing my income taxes because any income you make over $400 will have a self-employment tax!

I hate paying money! However I do love MAKING money!