I have a small business on the side that I run on the weekends. I bring in paltry sums that barely cover my expenses, especially when you factor in license fees and insurance. I’m serious about paying all state and local taxes each month, though, even if I make just a few bucks.
My question is basic. How do I do my income taxes this year? I have kept receipts for my expenses, but I do not have receipts for my earnings (I run a sidewalk vending table). For 2010, my gross income from my business was just a little over $200 (I started up in late October, so my business isn’t doing as bad as it sounds :)). Do I just add this figure in with the rest of my salary from my day job? Surely I can get a deduction for business expenses, but I don’t know what form to use if I do this.
Any advice on how to do my taxes this year? Or should I just spend some cash and have a professional do my taxes?