• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Micro Business for Teens

Starting and running a micro business

  • Home
  • About
    • Speaker/Workshops
    • Media Kit
    • What Others Say
  • Products
    • Micro Business for Teens Curriculum
    • Starting a Micro Business book
    • Running a Micro Business book
    • Money and Taxes in a Micro Business
    • Micro Business for Teens Workbook
    • Video: Starting a Micro Business
    • Career Exploration
  • Teacher Resources
  • Contact
  • Blog

Money & Taxes · March 7, 2014

Tax tips and tricks for teen entrepreneuers

You are here: Home / Money & Taxes / Tax tips and tricks for teen entrepreneuers

april_15_calendar

Kenneth over at Teen Business Forum asked,

My name is Kenneth and at the moment I am a freshman in college. As you probably already know, tax season is here! I do plan on filing them soon, but I was wondering what tips and tricks I could do to increase the amount of the refund.

Kenneth,

Tips: Read all you can about tax deductions. My blogs at https://TeensAndTaxes.com and https://TaxesForWriters.com are a good place to start.

Buy my ebook Teens and Taxes at https://TeensAndTaxes.com. The $3 cost is a business deduction!

Keep good records. Consider using accounting software like Quickbooks, Outright.com, Freshbooks.com or Wave accounting.

Tricks: Keep track of mileage. It’s a bigger deduction than just gas.

If you travel out of town you can deduct a per diem amount for meals that is higher than actual meal expenses (unless you’re a really big eater!).

The standard rate of $46/day for meals is set by the General Service Administration which has higher per diem rate for high-cost cities. On the day of traveling to and from home, you can only deduct 75% of the per diem rate, but it still adds up.

For a trip to Orlando (with a per diem rate for meals of $56/day) my per diem totaled $196, a lot higher than my actual expenses of $94.97.

Hope that helps.

Money_small-259x300Money and Taxes in a Micro Business has several chapters devoted to federal , state and sales tax. There’s quite a bit to learn about taxes, but this book is written in clear English so a teenager easily can understand taxes in running a micro business.

 

Carol Topp, CPA

 

Related posts:

  1. Money and Taxes in a Micro Business free Kindle book today
  2. Expiring tax provisions 2012 (in plain English)
  3. Using crowd funding to raise money for your book, music CD or film project
  4. Teen Jobs and Tax Issues
  5. Free tax software for teen business owners

Filed Under: Money & Taxes Tagged With: business, entrepreneur, micro business, money, taxes, teen, teenager

Carol Topp, CPA

Footer

Connect with author Carol Topp, CPA

Tags

accounting advertising Author business business plan Career exploration Carol Topp customer service debt Dollars and Sense Show entrepreneur how to start a business idea Ideas legal Marketing micro business micro business for teens Micro business idea money PBS podcast product based business publishing record keeping running a micro business sales sale tax service based business start a business start a micro business Starting a Micro Business start micro business start up success taxes teen teenage author teenager teenagers teen business teen business idea Ultimate Homeschool Radio Network website writing

From a parent

Thank you for your e-book on teen micro businesses. Your valuable experience and wealth of knowledge is vast.

Your presentations at Cincinnati homeschool conferences and sharing with us over the years have benefited us well.

I can hardly believe we are at this point in our life-and here he is a young man ready to try his fortune with the world.

-Mandy S

Newsletter

Copyright © 2023 · Showcase Pro on Genesis Framework · WordPress · Log in