My home business didn't make money do I owe taxes?

you have to know what all your expenses are to see if that <$30 in sales resulted in any actual taxable profit

Do you have wages/income? You could use this home-based business for deductions (listen-up all you "wage-slaves" out there! Did you get a business license? If not, you have no income to speak with to have to file. Here's something I found online I think you should read: US News & World Report promotes NETWORK MARKETING as an alternative to JOBS in 2011. 7 Ways to Make Extra Money in 2011 by Kimberly Palmer Monday, January 10, 2011 provided by USNews_logo.jpg Job security might be out, but freelance, contract, and temporary work is in, And earning extra money beyond your steady paycheck, if you're lucky enough to have one, can provide a big boost to your financial security. Here are seven ways to make extra money off the new economy in 2011: Launch a Brand When Kimberly Seals-Allers, former senior editor at Essence magazine, was expecting her first child, she discovered that black women face higher risks during childbirth and pregnancy. "I realized we were a special group, and I wanted to write a book about everything in black women's lives. Not just pregnancy, but money, men, and myths in our community. [I wanted] to create a new way forward." Start a Blog Even if the blog itself doesn't generate a six-figure salary, it can lead to other money-making opportunities, such as consulting or speaking gigs. sell Your Skills Whether your expertise lies in social networking, editing, or web development, several new websites can help you find potential clients willing to pay you for your work. Elance.com, Odesk.com, and Guru.com make it easy to advertise your skills and find work, which you can do from the comfort of your home at all hours of the night. Sell a Wacky Service For those interested in a more unusual approach, the innovative website fiverr.com allows users to sell (and buy) services for $5. Talk and Teach Colleges, organizations, and companies are constantly on the lookout for new experts that can inspire an audience. If you've built up an expertise on a subject, perhaps through your blog, then consider branching out with some speaking gigs. . Design T-Shirts Companies such as CafePress.com allow people to design and sell their T-shirts for a cut of the profits. According to the company's website, some users earn over $100,000 a year. But it's not always easy. Sell Other People's Products Make-up companies such as Avon are always looking for new sales representatives, as are other companies such as Fortune. "If you don't have to make a big investment to get into it, it's probably not a bad idea," says Marcia Brixey, " But she warns people to stay away from businesses that require sellers to make significant up-front purchases that they might not be able to unload. (Fortune is only $99, and no inventory required, no shipping, no employees, no payroll, etc.) The bottom line: The new economy offers plenty of creative ways to earn extra money; to find the best fit for you, consider your skills, lifestyle, and ambitions.

Do you have wages/income? You could use this home-based business for deductions (listen-up all you "wage-slaves" out there! Did you get a business license? If not, you have no income to speak with to have to file. Here's something I found online I think you should read: US News & World Report promotes NETWORK MARKETING as an alternative to JOBS in 2011. 7 Ways to Make Extra Money in 2011 by Kimberly Palmer Monday, January 10, 2011 provided by USNews_logo.jpg Job security might be out, but freelance, contract, and temporary work is in, And earning extra money beyond your steady paycheck, if you're lucky enough to have one, can provide a big boost to your financial security. Here are seven ways to make extra money off the new economy in 2011: Launch a Brand When Kimberly Seals-Allers, former senior editor at Essence magazine, was expecting her first child, she discovered that black women face higher risks during childbirth and pregnancy. "I realized we were a special group, and I wanted to write a book about everything in black women's lives. Not just pregnancy, but money, men, and myths in our community. [I wanted] to create a new way forward." Start a Blog Even if the blog itself doesn't generate a six-figure salary, it can lead to other money-making opportunities, such as consulting or speaking gigs. sell Your Skills Whether your expertise lies in social networking, editing, or web development, several new websites can help you find potential clients willing to pay you for your work. Elance.com, Odesk.com, and Guru.com make it easy to advertise your skills and find work, which you can do from the comfort of your home at all hours of the night. Sell a Wacky Service For those interested in a more unusual approach, the innovative website fiverr.com allows users to sell (and buy) services for $5. Talk and Teach Colleges, organizations, and companies are constantly on the lookout for new experts that can inspire an audience. If you've built up an expertise on a subject, perhaps through your blog, then consider branching out with some speaking gigs. . Design T-Shirts Companies such as CafePress.com allow people to design and sell their T-shirts for a cut of the profits. According to the company's website, some users earn over $100,000 a year. But it's not always easy. Sell Other People's Products Make-up companies such as Avon are always looking for new sales representatives, as are other companies such as Fortune. "If you don't have to make a big investment to get into it, it's probably not a bad idea," says Marcia Brixey, " But she warns people to stay away from businesses that require sellers to make significant up-front purchases that they might not be able to unload. (Fortune is only $99, and no inventory required, no shipping, no employees, no payroll, etc.) The bottom line: The new economy offers plenty of creative ways to earn extra money; to find the best fit for you, consider your skills, lifestyle, and ambitions.

For making money online some of the best options are paid per lead websites where they pay you for every lead you send them, not for every sale. That way you get paid whether the referral buys or not. My favorites are CPALead and Loudmo, you can Yahoo them. You should also checkout this site that pays you to promote companies online, it's listed in the source below... Blessings.

Some of the best options out there are paid per lead websites where you get paid for every lead you send them, not for every sale. This way you get paid whether the referral buys or not. Some of my favorites are CPALead and Loudmo, you can Yahoo them and you can also get paid for helping promote companies online. I've posted the link in the source below... God bless ;-)

As far as the IRS was concerned, all deposits were considered income. You didn't give an explanation in your question as to what those deposits were. They don't have to be from your business to be income. The IRS was not satisfied that the deposits were not subject to tax. All income (e.g. deposits to your bank account) are considered taxable unless the IRS specifically excludes the money from tax. If you had been able to document that the deposits were income but not from self-employment, you might have been able to reduce the additional self-employment tax assessed. From your wording of the question, it appears that this argument is not going to be effective at this point, since the auditor is convinced that you were not fully disclosing your self-employment income. You now don't have money in the bank. If you had money before in the bank, causing you to be audited and assessed additional tax, and now you don't have money in the bank, don't you think the IRS can figure this out? This may be interpreted as an unwillingness to pay, rather than an inability to pay. Once this occurs, the IRS will start to impose levies and liens against you. Any assets you have (including receivables from your business) could be seized. Although your home has gone down in value, it still has some value, and the IRS can put a lien against your house so that you cannot sell it without paying your back taxes. If you do not want to hire a tax attorney, you could probably hire an EA for $100 an hour or so to represent you. However, you best course of action at this point may be to ask for a payment arrangement and make timely payments. A confrontational attitude will not be to your benefit.

For making money online some of the best options are paid per lead websites where they pay you for every lead you send them, not for every sale. That way you get paid whether the referral buys or not. My favorites are CPALead and Loudmo, you can Yahoo them. You should also checkout this site that pays you to promote companies online, it's listed in the source below... Blessings.

Some of the best options out there are paid per lead websites where you get paid for every lead you send them, not for every sale. This way you get paid whether the referral buys or not. Some of my favorites are CPALead and Loudmo, you can Yahoo them and you can also get paid for helping promote companies online. I've posted the link in the source below... God bless ;-)