Taxes

Working from Home and Filing Taxes

How To Report Earnings

You must complete the following federal tax forms by April 15 following any year in which you have net earnings of $600 or more:

• Form 1040 (U.S. Individual Income Tax Return);
• Schedule C (Profit or loss from Business) or Schedule F (Profit or Loss from Farming as appropriate; and
• Schedule SE (Self-Employment Tax).

These forms can be obtained from IRS and most banks and post offices.

Send the tax return and schedules along with your self-employment tax to IRS.

Individual Taxpayer Identification Number (ITIN)

Form W-9 (or an acceptable substitute) is used by persons required to file information returns with the IRS to get the payee's (or other person's) correct TIN. For individuals, the TIN is generally a social security number (SSN).

What Is a 1099 Form?

If you received certain types of income over $600.00 for the year as an Independent contractor, you may receive a Form 1099 for use with your federal tax return. You should receive these forms from the payer by early February, according to the IRS. Payers have until Jan. 31, 2003, to mail these to you. If you have not received an expected 1099 by a few days after that, contact the payer. If you still do not get the form by Feb. 15, call the IRS for help at 1-800-829-1040.

Internal Revenue Service - http://www.irs.gov/index.html

All Tax Forms - http://www.irs.gov/formspubs/lists/0,,id=97401,00.htm

According to the National Foundation of Women Business Owners (NFWBO) there are 2.1 million women business owners with children and 3.5 million women business owners without children. (1994)   

Trends In Home-Based Small Businesses http://www.onlinewbc.gov/docs/starting/hometrend.html

Home-based women-owned businesses in the U.S. number 3.5 million and provide full or part-time employment for an estimated 14 million people. (1995, NFWBO, National Foundation of Women Business Owners, www.nfwbo.org

Small businesses are home-based 53% of the time (SBA, Small Business Administration, www.sba.gov.

Other statistics can be found at the SBA’s Women's Business Center at: www.onlinewbc.org/docs/starting/hometrend.html. As well as information at Women Connect at: www.womenconnect.com/LocLink/BIZC/RESEARCH.

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