Independent contractor taxes

This will be the first year I'll be claiming my income from mystery shopping on taxes. Any advice? Do I need to create a business name and all that good stuff? I want to write off my mileage, gas, etc. suggestions welcome!

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In the New Mystery Shoppers section there is a lengthy post devoted to taxes. The post is a "sticky" which means it is pinned at the beginning of the section. The advice there is better than most of us could givesmiling smiley

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.
Okay so it basically told me to talk to a tax consultant lol. Which I plan to do, but I wondered if anyone could tell me if I "should" create an business name or not for mystery shopping.


But thanks for referring me to it!
It's a personal decision. I work full time and do my own taxes. Personally, I find it easy to utilize the personal forms to report my business income and related write offs. Based on your question about write offs, sounds like you need professional advice. Things vary most at the State level.

My posts are solely based on my opinions and for my entertainment, contact a professional if you need real advice.

When you get in debt you become a slave. - Andrew Jackson
You don't need a business name. For example, I am a "sole proprietorship" doing business under my own name. You can go to IRS.gov and print off a "Schedule C" -- it's a very handy guideline for the type of records you'll need to keep (office expenses, auto/travel, etc.). You can also order for free on the same website "Instructions for Schedule C" and many other useful pubs. Of course, they'll be for last year. You can also check your local library for "Home Based Businesses" how-to books. And, as the above poster said, haunt the "new shoppers" forum. Lots and lots of info there.
For IRS purposes, you do not need a business name. The IRS will treat you as a sole proprietorship, i.e. an owner-operated business. You can just operate under your own name for business-related purposes.
Two things came to mind. Since I am no expert just take them with a grain of saltsmiling smiley

My understanding was if you choose an unrelated business name, payments and tax documents would need to have that name. You may have issues with some MSCs making the change and may need a PayPal business account along with a bank account in the business name, so possibly there will be additional expenses.

The other thought was what if MSCs won't use your business name so their payments and tax documents are in your actual name? As of now, some MSCs will only accept an EIN, while others will only accept a SSN. You face the possibility of having a lot of inconsistency or cutting out MSCs who won't recognize the business.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.
I turn in everything into my CPA, he/she will inform you of what to do. You do not and I don't suggest you become a business.
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