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altermetoday
Feb. 22, 2013, 09:28 AM
So... I have multiple sources of income right now due to various reasons that I'm not in corporate of america at the moment. Not sure how to handle the income streams that are starting to come in.

I'm licensed for pet sitting but only have 1-2 clients regular/per month... I also have 3 different blogs that bring income in (one is an event site, one a pet site and one a horse site which is newe)

I also have my farm and am selling things from one of the outbuildings and will be turning it into a weekend antique store.

This is a lot of differnet income streams to report to the irs... any suggestions on how it should be or could be combined? I'm trying to get an appt with the small business bureau to ask, but won't be able to get in for a few more weeks so thought I'd check here...

Bluey
Feb. 22, 2013, 09:31 AM
Do you have a good accountant firm?
They should help you set your books in the best way for your situation and you won't have to wait weeks to see them.

paulaedwina
Feb. 22, 2013, 09:35 AM
A church friend of mine is in the same type of work -multiple care giver income streams. She keeps a very meticulous log of mileage, expenses, hours, gas, etc. And she keeps all receipts. Then she takes them to an accountant.

Paula

carolprudm
Feb. 22, 2013, 09:45 AM
So... I have multiple sources of income right now due to various reasons that I'm not in corporate of america at the moment. Not sure how to handle the income streams that are starting to come in.

I'm licensed for pet sitting but only have 1-2 clients regular/per month... I also have 3 different blogs that bring income in (one is an event site, one a pet site and one a horse site which is newe)

I also have my farm and am selling things from one of the outbuildings and will be turning it into a weekend antique store.

This is a lot of differnet income streams to report to the irs... any suggestions on how it should be or could be combined? I'm trying to get an appt with the small business bureau to ask, but won't be able to get in for a few more weeks so thought I'd check here...
My GUESS, not knowing your whole situation, is that you should have multiple sch c's, one for the pet sitting, where you should be able to deduct mileage, one for the blogs....I would probably combine them....and one for the resale business. Where did you get the stuff you are selling? That's the trickiest.

altermetoday
Feb. 22, 2013, 09:57 AM
Most of the stuff came from my mothers house... some I've picked up at garage sales. Alot was also from a much bigger house I owned and have since downsized. I'm getting rid of a lot of stuff.

It just seems there are a couple sets of liability as well... the pet service should be an llc and the resale business also needs its own llc i think to protect me...

this is the part i hate. love the different things, but the paperwork is a pain.

magicteetango
Feb. 22, 2013, 10:43 AM
My in laws had a similar situation... they have one company listed. It is an LLC, everything else they have registered as a ficticous name, so doing business as.

So for example AlterMeToday LLC also has Alter Me Yesterday Antiques and Alter Me Pet Sitting... if I were to write you a check to either of those names you can still deposit it into the AlterMeToday account. So all of your finances are in one piece.

Their accountant wants to strangle them because they keep messy records but it gets done every year and no one has suggested anything different. It is what I would do. Multiple LLCs would be ungodly messy.

Whatever you do I would do an LLC or Corp of some sort. I think this day and age a sole proprietorship is not a good idea liability wise.

carolprudm
Feb. 22, 2013, 11:02 AM
I do a sch C and sch F....no big deal. The sch C is an LLC. I have 2 credit cards, one for the F and one for the C so keeping track of expenses at least is easy

Dramapony_misty
Feb. 22, 2013, 11:04 AM
My husband has 2 businesses that are in their infancy stages. One business is retail and the other is service-based. He was told that since his PA sales tax paperwork is based upon his SS#, that he can file sales tax from both businesses under the same number.

I have a feeling that Quickbooks is going to become my friend! :D

Larksmom
Feb. 22, 2013, 11:29 AM
I made about $1500 or so last year, from, maybe, 10 different companies. From only one did I make the prerequsite $600, so they are the only one to send me a 1099. At least two of the others, I know I did several hundred dollars worth of work, of course, no one takes out taxes or anything, so I am prepared to pay for that, but how do I claim $ when there is no 1099? I even called the IRS and spoke to a person who was supposed to be versed in 1099s and he didn't know. He said I DID have to pay the taxes though.:mad:

carolprudm
Feb. 22, 2013, 12:01 PM
At least in Turbo Tax there is a box on both the sch C and F where you can enter income you receive without a 1099. I haven't started my taxes yet but in TT if you right click on that box it will probably let you do a supporting statement listing the sources and amounts. If you do not do either a C or F you can also put it on the 1040....used to be line 21...

Disclaimer:I am not an Enrolled Agent, CPA or tax attorney but I used to do tech support and QA for Intuit's tax products, ProSeries and Turbo Tax, not Lacerte. In taxes the key phrase is "It depends" aka I am not telling where you SHOULD enter the income, just where you can

Larksmom
Feb. 22, 2013, 12:07 PM
They have already sent me a cd. I did keep records, :rolleyes: but I am usually the type who finds recipts all over the house. That is why I haven't started my taxes yet...:uhoh:

hrford
Feb. 22, 2013, 12:09 PM
If you haven't already incorporated please do so. You can set up just one and the do a couple DBAs of course that does matter what state you are in. BUT you need a lawyer and an accountant ASAP. That way you set them up correctly to lower your tax liability. an S-corp may be ideal in your situation so make sure you ask about them.

Prime Time Rider
Feb. 22, 2013, 11:05 PM
You can establish one LLC for all your businesses, just make it generic. like my name LLC. I have my own consulting firm and established a LLC. My tax accountant told me that setting up a S corp probably wouldn't benefit me unless I was genreating $100k or more in revenue annually.

clanter
Feb. 23, 2013, 08:48 AM
this is the part i hate. love the different things, but the paperwork is a pain.

Yes separate the businesses, use separate bank accounts in order to not commingle funds

oldernewbie
Feb. 23, 2013, 11:10 AM
Get an accountant or see if your area has a Small Business Center or business incubator where you can get help at a lower cost.