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Home Based Business: Income Tax Information  by: Tina Rideout Understanding your Tax obligations relative to your Home Based Business can be a confusing issue. The IRS has been more attentive to the claims made by Home Based Business operators; therefore it is imperative that we educate ourselves about our obligations and responsibilities. The IRS website provides information regarding Home Based Business tax obligations and requirements. http://www.irs.gov/index.html IRS Workshops: The IRS website provides a list of workshops that are sponsored by IRS partners who are specialist. They provide a variety of topics: General Tax information Record Keeping Insurance Retirement Plans Online Classroom http://www.irs.gov/businesses/small/article/0,,id=97726,00.html What Can I Deduct? Self-Employed Individuals or Independent Contractors 2003 & 2004 Tax Changes for Businesses Employment Taxes for Small Businesses Several Home-Based Tax Schemes have developed in the past year. The IRS has issued warnings in order to help us avoid the pitfalls of false claims. Tax Scams - How to Recognize and Avoid Them These schemes manipulate and misinterpret tax laws. Related News, Court Cases and Tax Law Internet Driven Home Based Business income is based on Commissions. The full amounts of any commissions you receive are treated as income. This is true whether your commission is called a bonus or a percentage, and whether it is based on both your sales and the sales of other sellers working under you or on purchases from the company with which you are affiliated. You are taxed on gross income minus expenses. Tax Services and Products: Information Returns Processing Small Business Products Online Ordering Approved IRS e-file for Business Providers Avoiding Problems Business Forms and Pubs About The Author Written by Tina M. Rideout, Free Internet Home Based Business, Training Series. For more information visit: http://free-internet-home-based-business.com This article was posted on January 16, 2005 Read More Articles from the "Business and Finance" Category: 6 REALLY COOL THINGS: The King of your Castle!!! by Tom Levine Add Some Firepower to your PR by Robert A. Kelly Insurance Settlement by Jakob Jelling Presentation Pitfalls Series: Top 10 Content Mangement Mistakes by Melissa Mayers Lewis Can Debt Consolidation Help You Avoid a Financial Emergency? by Rachel Smid Which low interest credit card is right for me? by Samuel Pety In Control - Inside Tips on Interview Success by Joel Vance How Any Business Owner Can Reduce The Likelihood of a Tax Penalty by 31 Times by Wayne M. Davies Save Time and Boost Profits with Free Content by Roger C. Parker 5 Winning Strategies For MLM Success by Allyn Cutts << Back to "Business And Finance" Index

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