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TaxMama Tax Quiz for Virtual Assistants

TaxMama Tax Quiz for Virtual Assistants

1)    Are you an employee or an independent contractor, per your own tax returns?

a.    Independent Contractor

b.    Employee

2)    In terms of the Internal Revenue’s Regulations, should you be an employee or an independent contractor?

a.    Independent Contractor

b.    Employee

c.    I am not sure

3)    Do you have a separate bank account for your business?

a.    Yes

b.    No

4)    Do you use a bookkeeping system?

a.    Yes

b.    No, I report my income based on the 1099s I get

c.    No, I report my income based on the deposits to my bank account

5)    Have you incorporated your business?

a.    Yes

b.    No

c.    Yes, but, I am not certain how to handle the taxes on it

d.    No, I’d like to, but don’t know what entity to be

6)    Do you deduct your office in home?

a.    Yes

b.    No

c.    I’d like to, but I am afraid it’s a red flag

7)    Do you keep track of your business mileage?

a.    Yes

b.    No

c.    Sometimes, but I don’t do it all the time.

8)    Do you use your computer exclusively for your business?

a.    Yes

b.    Yes, but I also use it to pay my personal bills and surf the Web

c.    No, my family also uses it sometimes

9)    Do you have retirement savings from your business?

a.    Yes

b.    No

c.    No, but I put money into my IRA

d.    Huh? Can my small business even have a retirement plan?

10) When your taxes are due, do you have the money to pay in full?

a.    Yes, I am good at budgeting

b.    No, I often come up short, then must scramble to find funds to pay the taxes

c.    No, I sometimes come up short and am behind on my taxes now

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About Stephanie Watson

Mom | Wife | Virtual Assistant | Content Strategist
Stephanie has been working from home for over 20 years as a virtual assistant, template bender, and content writer. She's currently transitioning to business coach. You can learn more about her at her website http://www.barrypublishing.com.

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