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See you in Cincinnnati March 31-April 2!

March 30, 2011 By
I’m looking forward to seeing some of you this Thursday, Friday, and Saturday (March 31-April 2, 2011) at the Midwest Homeschool Conference at the Duke Energy Center in Cincinnati, Ohio (my hometown!)

I’ll be doing two workshops this weekend. The one for leaders is a support group meeting for leaders. I will briefly discuss Homeschool Leader: Are You Burnt Out? and then we circle the chairs and just share our questions and support each other as leaders. (the picture is me in the blue shirt meeting with homeschool leaders in Memphis, TN at a convention)

Here’s the handout: Burnout Handout

This session is scheduled for Friday at 11:30 am in the MILLENNIUM Hotel Pavilion room (you’ll have to walk to the hotel connected to the convention center)

I’ll be doing a workshop on Micro Business for Teens on Saturday at 11:30 am in the MILLENNIUM Hotel Pavilion room.

This workshop covers the basics starting and running a micro business and is geared toward teenagers. I will show why a micro business is great for a teenager, share ideas, explain the business basics like taxes and record keeping. Teenagers interested earning money and their parents are encouraged to attend together!

Download a complete schedule of all the workshops offered  or visit the convention website.
http://www.cincinnatihomeschoolconvention.com

In my workshops, I always try to leave time for questions, and you’re welcome to come back to Booth 1118 to ask more questions, sit for a while, and see what resources I have for teenage micro business owners!

Hope to see some of you there!

Carol Topp, CPA

Filed Under: Homeschool Groups, Micro Business For Teens

Tax cheats: Single, young men

March 28, 2011 By

The typical American tax cheat is male, single and under the age of 45.

Tax Cheats: Single, Young and Male

CNNMoney.com reports that:

They think they are “overall better people”, but they’d take money from a child, keep the wrong change given to them by a cashier, ask a friend to pretend to be a former boss for a reference check and lie about their income to qualify for government aid.

Many of them also said they would wear an outfit once and return it, file false insurance claims, keep money they see someone drop on the floor, or lie about finding something inappropriate in their food just to get a free meal.

Carol Topp, CPA

Filed Under: Personal Finance, Taxes

10 times a teenager needs to file a tax return

March 23, 2011 By

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Should your teenager file a tax return? Here are ten situations when a teenager may need to prepare a tax return.

  1. Your teenager received a W-2 and federal income tax was withheld. Look at your teenager’s W-2 Box 2 Federal income tax withheld. He or she may be due a refund of that money.

  2. Your teenager received a form 1099MISC and Box 7 Nonemployee compensation has an amount in it. Your teenager has been classified as an independent contractor and needs to file a tax return to pay self-employment tax. Read more about worker classification of teenagers at TeensAndTaxes.com.

  3. Your teenager received more than $950 in investment income from interest and dividends in a year. Investment income greater than $950 is taxed.

  4. Your teenager had a mix of earned income from a job or a business and investment income. He or she may owe tax on the combined income.

  5. Your teenager started a business and made a profit. He or she may need to pay income tax and self-employment tax. Visit my website MicroBusinessForTeens.com if your teenager has questions about starting or running a micro business.

  6. Your teenager started a business and lost money on it. He or she may wish to file a tax return to reduce their taxes in this year or future years.

  7. Your teenager received a form 1099B from a broker, bank or mutual fund company because he or she sold stock or a mutual fund and had a gain on the sale. Your teenager should file a tax return and include the stock sale on a Schedule D.

  8. Your teenager sold stock or a mutual fund and has a loss on the sale. He or she may wish to file a tax return to reduce their taxes in this year or future years.

  9. Your teenager had earned income from a job or a business and wishes to open a Roth IRA.

  10. Your teenager received several W-2s, but did not have federal income tax withheld on all the W-2s (look at Box 2). They may not have had enough tax withheld and may owe income tax.

If any of these situations happen to you, read more about teenagers and taxes at TeensAndTaxes.com. Then consult a local CPA to help your teenager file a tax return.

Carol Topp, CPA

Filed Under: Teens and Taxes

I love webinars: Preshow by the Schoolhouse Expo

March 16, 2011 By

Last night I sat with my feet up, laptop on my lap and headphone logged in and attended the Old Schoolhouse Expo March Preshow program.

I “arrived” to the webinar a bit late and caught just the end of Terri Johnson talking about all the cool ways she uses her iPad in homeschooling.

But then I spent an enjoyable hour hearing how Malia Russell manages 5 children, 4 business and homeschooling! She’s my hero!

I had just met Mary Jo Tate in person last week at a homeschool convention, and so I really enjoyed hearing her story of raising and homeschool 4 sons as a single mom. Her focus on balance and goal setting was very inspiring.

All in all, it was such a nice way to spend the evening. The technology worked great. I could see the speakers’ PowerPoint slides and hear them clearly. I didn’t worry about background noise at my house because we were all muted. I could also follow the chat going on in a sidebar. It was a handy way for the host to post links and for participants to ask questions.

If you’ve never tried on on-line webinar, you’re in for a treat.

The Old Schoolhouse Expo will have another Preshow on April 12, 2011 and their full week long Expo May 16-20, 2012.

I’ll be doing a workshop on Micro Business for Teens. I have my Powerpoint slides all ready to go!

Join us by grabbing a ticket to the Expo here.

Carol Topp, CPA

Filed Under: Homeschool Groups, Micro Business For Teens