Posted by Tom on April 13, 2006 at 20:30:07:
Adam,
It sounds like you need to file a Schedule C - Profit or Loss From a Business for your Lonnie deals. You should get out your phone book and contact a CPA. Post where you are and maybe someone can refer you to a CPA. It’s a bad time of year to contact a CPA. They are going nuts and are probably not taking on new clients and would gladly shoot you if you showed up at their office. I am a former CPA and with April 15th around the corner you probably need to file an extension. An extension is an extension of time to file not an extension of time to pay, you need to pay what you think you owe when you file your extension. If you can’t find local help E-mail me and I can send you a link to the extension forms (let me know what state you are in, you need to file an extension with them). Again, I would look for a good CPA or accountant. I tell people it’s like watching a football game. It’s easy to add up the score when the game is over (do your taxes) but what you need is the coach (giving you tax advice) before the game is done. Anyway, if you need some help with an extension let me know. I’m out of the CPA business thankfully. MAKE SURE you file an extension (also with your state). If you don’t you will have penalties for failure to file.
Best of luck with your deals!
Tom