WordPress.com



PROFESSIONAL TAROT BUSINESS – INCOME & EXPENSE RECORDS FOR TAX PURPOSESLast Updated: January, 2014Name of proprietorSocial security number (SSN)A. Principal business or profession, including product or servicesIndependent artist, writer, performerB. Enter code from instructions1711510C. Business name. If no separate business name, leave blank.D. Employer ID (EIN)E. Business street address City, town or post office, state, and ZIP codeF. Accounting method:(1)Cash(2)Accrual(3)Other (specify) G. Did you “materially participate” in the operation of this business during 2014?YesNoH. If you started or acquired this business during 2014, check here I. Did you make any payments in 2014 that would require you to file Form(s) 1099?2YesNoJ. If yes, did you or will you file required Forms 1099?YesNoNOTES:I categorize my work as “Independent artist, writer, or performer,” Code # 711510. Other possibilities for tarot professionals include “Other personal care services,” Code # 812190, “All other personal care services,” Code # 812990, or “All other professional services,” Code # 541990.Form 1099-MISC: If $600 or more was paid to you by a client in that year, then that client will likely issue you a Form 1099, which you must file with your tax returns. Be sure to read the Instructions to Form 1099 and consult your tax professional.Generally Deductible Expenses:Cost of Goods Sold (The expense for any inventory you might have if there are tangential services, e.g., gemstones, charms, incense, crystals, etc. that you sell to your clients.)Capital Expenses (E.g., tarot cards, tarot reading cloths, incense, candles, crystal balls, crystals, gemstones and other paraphernalia used during readings, stationary, computer, cost of website services, Internet service provider expense, rent, etc.)Business Use of Your Home (Up to 300 sq. ft. of your home, at $5.00 per square foot for a simplified method of calculation or for the savvy, determine the % of your home used and actual expenses of your home, which must be documented by records, and with those numbers, calculate the precise actual expense. The second method is referred to as the regular method.)Business Use of Your Car – Mileage; Costs of Travel and Parking (Log the mileage from your motor vehicle for tarot business related travel. That mileage x 56.0 cents/mile is considered deductible expense.)Business Related Entertainment (Deducting entertainment expenses you incur for entertaining a client, tarot mentee or mentor, or tarot colleague. Remember: It has to be reasonable, something most tarot professionals would do as part of developing their business, it has to be related to your professional work as a tarot reader, and at the entertainment event, there must have been substantial discussion about tarot business.) Other Professional Deductions (E.g., tarot conferences, psychic fairs, tarot classes, tarot books, other educational books used to develop your tarot business, tarot professional association fees and other related membership dues, etc.) Document Evidence to Keep: Receipts, canceled checks, contracts, or billing statements. Flyers or well-recorded information on the who, what, where, when, and why of a particular expense is typically also acceptable. Generally speaking, if the expense is less than $75.00, then it’s okay if you don’t have documentation. ACCOUNTING LOG FOR 2013DateDescriptionIncomeExpenseTotal EarningsTotal Loss+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$+-$$TOTAL NET EARNINGDaily Business Mileage and Expense Log Name:?Month:?January?Year:2014Odometer ReadingsExpensesDayDestination?(City, Town)Business PurposeStartStopMilesType?(Gas, Tolls, Parking)Amount??????$???????$??????$$$$$$$$$$$$??????$??????$??????$??????$Weekly Total: ??Total MileageTotal Expense$ ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download