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Sources for Cheap Tax Advice?

AdSense / Self-Employment / IRS

     
11:53 am on Sep 15, 2005 (gmt 0)

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Ok, I've got an informational website (doesn't sell anything at all) that I've been running for many years. Last year I started experimenting with AdSense in the hope of covering the hosting costs. This year it looks like I'm going to make a modest profit - beyond the $400 threshold for SE taxes.

So, I figure I need to start considering what the implications are in terms of US taxes, etc. I'm especially interested in topics like what are appropriate expenses, what type of bookkeeping I need to do, etc.

What sort of sources would ya'll recommend for that type of information? While I realize that consulting a tax accountant would probably be wise, the amount of money involved is so small that I don't think its an option (i.e., I'd end up paying the accountant more than I made!).

2:22 am on Sept 19, 2005 (gmt 0)

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dcheney, try your local SBA office they work with retired professionals including attorneys to provided information for what is required, or visit their website sba.gov
12:40 am on Sept 21, 2005 (gmt 0)

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There are some good books out there about paying taxes when you are self-employed. I have used Deduct It! by Stephen Fishman (a tax lawyer) and another one called Lasker's Small Business Taxes. Most of the books I have seen treat the categories of deductions in the order in which they appear on the forms for a person filing as self-employed, which is handy. Reading stuff like this gives you an idea of what categories of deductions there are (and aren't) and what you can deduct. They also describe the pros and cons of incorporating and LLCs.
 

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