Do not rush through your tax return. Make sure you claim every legitimate deduction so you do not overpay your taxes. As an independent contractor, you can deduct the reasonable and necessary costs of doing business when calculating your mystery shopping profits. These deductions are taken on the Schedule C you file with your 1040.

Remember that if you do not use something exclusively for business, you may only deduct the business portion. For example, if you use your computer 40% for business and 60% for personal and family purposes, you may deduct 40% of the expenses related to the computer.

Here are some of the deductions you may be able to take, and what to do if you missed any deductions on a return you have already filed (even in a past year):Continue Reading

If you pay quarterly estimated income taxes, remember that your fourth-quarter estimated tax payment (using form 1040-ES) for 2007 is due on January15, 2008. Need to know more? Read on . . .Continue Reading

The deadline for incurring expenses that can be deducted on your 2007 tax return is December 31, 2007. But before you rush out to buy that new computer, cell phone or other item that you think you have to have, consider if it is best to buy it now or wait for 2008. Here are some of the factors that should influence your decision.Continue Reading