Legal Question in Tax Law in New Jersey

Tax question

Hello.I host a radio show on blogtalkradio & I do it from my apartment.

I have not registered it as a business,because I do not own blogtalkradio,but I do host a show on it.

If people pay me to advertise on my show,should I get that taxed when I receive those payments or wait until the end of the tax year?

Also,is it considered a business if I am running it out of my apartment,but do not have documents saying it's a business?

Am I allowed to write off certain business expenses?


Asked on 9/02/07, 1:15 pm

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Tax question

Yes, you are in business. Your classification is a "sole proprietor." You will need to file a Schedule C on your US 1040 and attach it to your state income tax return. You should establish a separate business checking account. Deposit all advertising and other income into the business account and pay your business expenses from this account. You should consider getting Microsoft Money or QuickBooks to keep track of your expenses.

Formerly, having had a radio talk show, I know how interesting it can be and also how difficult it is to get established. Good luck with your show!

I hope this helps.

Ron Cappuccio

www.taxesq.com

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Answered on 9/02/07, 1:58 pm


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