Taxes

[TSUalum05]

I do not believe state taxes are required but what about federal taxes for you classes?

How do you take care of your taxes?

[jester]

How is it different than any other self employment income?

[garcia946]

Ive been told its more like a stated income , report what you make.

[USA1]

You are probably already aware of this but I wanted to also point out the importance of keeping records of expenses.
This is what I've learned about being self employed for a couple of decades...

Keep all receipts for:
Dining out
Office and Clerical supplies
Equipment (in your case this may include gun purchases and ammunition)
Cell Phone
Internet
Advertising
Uniforms
CPA fees
State and/or Federal Licensing fees that relate to your business
and other similar expenses.

The records/proof you keep can make a huge difference in whether you pay the IRS or the IRS pays you.

[LarryH]

Assuming you're talking about income tax, it's just Schedule C or C-EZ, as appropriate. As USA1 has already mentioned, keeping adequate records of income and business-related expenses is key.

If you're talking about sales tax, I don't believe it applies (unless my instructor just included sales tax in the quoted price for the course).

[USA1]

If you're talking about sales tax, I don't believe it applies (unless my instructor just included sales tax in the quoted price for the course).

If a business provides a "Service", that business is not required to charge sales tax.

New acronym....IANACPA (I am not a CPA)

[Bill]

If you're talking about sales tax, I don't believe it applies (unless my instructor just included sales tax in the quoted price for the course).

If a business provides a "Service", that business is not required to charge sales tax.

New acronym....IANACPA (I am not a CPA)

This is not exactly true, we charge sales tax for our Electrical service, if we bill by the hour then labor tax is collected, and markup on materials, if we lump sum residential then no tax but we pay tax on material. If its not residental then its taxed, unless we are a sub then the GC collects it. There are also special conditions like changing out existing light bulbs and they are not taxed, and so on and so on. I was audited by the comptroller, if you think the feds are bad mess with the state, they billed me for 40k in unpaid taxes, I fought it and paid 700.00 dollars

[Bill]

Also beware, if you do this as a part time thing and have little income then all those expenses will be converted from deductions to non deductions and your business will be a hobby.

Get a good CPA, if you need one I have one, just me an email.