General First Time Filing Self Employed Question
(SOUTH CAROLINA)
Hello - first of all thank you for reading this. I actaully have a few questions about what I need to do , what I need to bring for filing my 1st self earnings income taxes.
Let me start with a little background. Last year 2010 I just kinda started up odd jobs and didnt keep receipts etc. because I thought it was just going to be like short term odd jobs and I'd find another job down the line. So to my understanding if you didnt make a certian amount of money then you didnt have to file.
Well therefore I didnt file anything last year. But I didnt really make any money last year. Especially what one might call a gain. But it became aparent to me that I was getting more work so I needed to keep records. So I asked around about what I needed. I was told to 1)keep records of income. (so I opened a bank acount for the purpose of keeping up with all deposits) and 2) keep all my receipts for jobs , example gas for mowers, eqiuptment repairs, mulch and trees an so on. So thus is what I have done for 2011.
But - It was my understanding that if I werent doing a job for over $600, or $600 for the year for a person or business. Then I didnt need any 1099 forms.
I;ve been doing General Lawncare & Landsacpe on my own with no employees. This year I have kept all my bank statements, deposit slips that were made with my lawn service. Also kept all my recipts relevant to my work.
Now dont misunderstand I didnt make alot of money this year either. But I made enough to where I need to file as income earned for the year. So to keep proof of income an so forth. Also stuff like this effects future credit, etc. So I guess I'm at a point where I dont make enough money to keep an acountant, but I still need to have something to file that I did earn some income this year.
So I guess my question(s) would be.. what do I do now that I have all my bank statments for 2011. & all my exspense reciepts for 2011. Thus is not a substantual amount of money. Some weeks I may have made $200 to $300. And some weeks I wouldnt make anything.
But Now my problem is I had no jobs that were for $600 or more. So I didnt keep any 1099 records. So I guess thats where I'm confused on what forms to file or what kind of tax service to use.
I'm Single (not married) and no children or dependants to claim. I have not yet added up all my recipts & totals for the year/ but off the top of my head that its less than 7 to 8 thousand for the whole year. Before taking anything out for exspenses.
( & what about social security tax? )
So to sum it up , this would be my 1st year to file as a independant / self employed earnings? and I have no idea where to start. & all I have are my Deposit slips for my bank account. & receipts for items used for work.
Now there may be other factors that I have not kept up with that may be helpful. That I dont have but I could track down proof that I paid things such as a cellphone. I have a cellphone & need it for my people to call for estimates or appointments. But I havent kept cell phone records. But I could get records from my Cell Phone carrier if that would help. Then theres like property tax on my truck that I use to hall my equiptment etc. Someone told me I might could be reimburst a precentage of that since its my worktruck.
If not, thats fine. But I still need to file something.
Ok i'll try to stop thus long email question here, because I think Ive probally give you enough information to see where I'm coming from & how lost I am. Thank You for your taking the time to read & I await any response or advice you might have.