I want to thank everyone who responded to my query for their honest and candid replies. Clearly I need to look into the situation and make sure that I am handling my business the legally correct way. When I first started out, I separated everything out for my CPA. Since my losses were much greater than my income in that first year of my tuning business, I thought this might be a tax advantage for me, and I kept that income and all those expenses in a separate file----separated from my other income and expenses. But nope, he just piled them all together. I still keep separate financial ledgers for each area of income, but before it goes to the IRS he combines all my income, and all my deductions, too. Seeing how others are handling their business incomes makes me wary that perhaps I need to do this differently. Thanks again for all the input, Tom Sivak
This PTG archive page provided courtesy of Moy Piano Service, LLC