Comments on: Can I Deduct a Speeding Ticket? http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket Tips for being a successful professional shopper Sat, 06 Sep 2008 02:57:17 +0000 http://wordpress.org/?v=2.3.3 By: Cathy Stucker http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-63 Cathy Stucker Sun, 30 Sep 2007 23:22:52 +0000 http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-63 Yes, you will have to pay taxes on your mystery shopping earnings. How much depends on what tax bracket you are in. Taxes are due on your <i>net</i> income. That means the profit you make, after deducting expenses. You may also be responsible for self-employment tax (Social Security tax). Some shoppers set up a separate bank account and deposit a portion of their mystery shopping profits there throughout the year. Others who work at a "regular job" in addition to mystery shopping set their withholding rate a little higher, so more tax is withheld from their paychecks. I will include more information on mystery shopping and taxes in future posts. You may also want to refer to the IRS web site at http://www.irs.gov/ for more information. Look for resources for small businesses and independent contractors. Canadian taxes work much the same way. If you are a Canadian mystery shopper, get tax info at http://www.cra-arc.gc.ca/menu-e.html Yes, you will have to pay taxes on your mystery shopping earnings. How much depends on what tax bracket you are in.

Taxes are due on your net income. That means the profit you make, after deducting expenses. You may also be responsible for self-employment tax (Social Security tax).

Some shoppers set up a separate bank account and deposit a portion of their mystery shopping profits there throughout the year. Others who work at a “regular job” in addition to mystery shopping set their withholding rate a little higher, so more tax is withheld from their paychecks.

I will include more information on mystery shopping and taxes in future posts. You may also want to refer to the IRS web site at http://www.irs.gov/ for more information. Look for resources for small businesses and independent contractors.

Canadian taxes work much the same way. If you are a Canadian mystery shopper, get tax info at http://www.cra-arc.gc.ca/menu-e.html

]]> By: Beckacat http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-62 Beckacat Sun, 30 Sep 2007 23:01:22 +0000 http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-62 How do taxes work with mystery shopping? Do I need to put back a percentage of my earnings so I can pay my taxes at the end of the year? What's recommended? How do taxes work with mystery shopping? Do I need to put back a percentage of my earnings so I can pay my taxes at the end of the year? What’s recommended?

]]> By: Cathy Stucker http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-58 Cathy Stucker Wed, 19 Sep 2007 14:54:16 +0000 http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-58 The IRS does not require receipts for travel and transportation expenses under $75, according to Publication 463. However, they do require a written record that includes information such as the date, the amount and the business purpose. Your "written record" may actually be an entry on a computing device, such as a PDA, instead of a log book or other paper record. Anyone with business expenses should get a copy of Publication 463, either online at http://www.IRS.gov/ or by requesting one from the IRS. It is a great reference. The IRS does not require receipts for travel and transportation expenses under $75, according to Publication 463. However, they do require a written record that includes information such as the date, the amount and the business purpose.

Your “written record” may actually be an entry on a computing device, such as a PDA, instead of a log book or other paper record.

Anyone with business expenses should get a copy of Publication 463, either online at http://www.IRS.gov/ or by requesting one from the IRS. It is a great reference.

]]> By: crawdaddydoo92 http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-57 crawdaddydoo92 Wed, 19 Sep 2007 03:56:43 +0000 http://www.mysteryshoppersmanual.com/can-i-deduct-a-speeding-ticket#comment-57 How can I prove that I put money into a meter since it doesn't give a reciept? How can I prove that I put money into a meter since it doesn’t give a reciept?

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