I do gardening for other people. I don’t have any receipts, but I know amount made, how to do my taxes?
Friday, July 31st, 2009 at
9:21 pm
grdnrim asked:
I only worked for 3 people….kept track of my earnings but don’t have copies of checks. Just my log book.
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that’s all you need your logbook . That is what i use when i do my taxes ,just my logbook
You may want to buy a software called quickbooks. if you intend to grow your bussiness or when it comes to paying taxes it does the figuring for you just plug in the numbers
Do you have deposit slips by any chance? If you were to be audited, the IRS would want to see your log book, along with the bank statements that include the deposits. I hope you have a separate checking account for your business-if you don’t, set one up immediately. The IRS doesn’t want to see business information mingled with personal.
Also, in the future, it would be helpful to issue invoices to your customers. That would help you keep track of your income as well.
Most preparers are content with just the numbers of your income and expenses(if any). That is all that is necessary. You will need to file a Schedule C, and SE for self employment tax. The only time you might need receipts is if you were audited by the IRS. Then it should be fairly simple to get a statement from the people who hired you.
Good Luck
File Schedule C (or C-EZ) and Schedule SE.
The log book will work fine. I hope you also kept track of any related expenses, since you can subtract them from your income.
You’ll file a schedule C or C-EZ showing your gardening income earnings and expenses and a schedule SE to calculate your self-employment income. You’ll file a 1040 with them – the numbers from the bottom of the C and SE will transfer to your 1040 and you’ll calculate your total tax there.