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Small business taxes / individual taxes?

Wed, 21 Dec 2011 07:43:00 +0000

Question by BugsNSofie: Small business taxes / individual taxes?
I worked for a company for 9 months this year (2010). I recently started my own business. When tax time comes next year will I be filing separate tax forms? 1 from the taxes I paid as an employee and 1 for the taxes I need to pay as a business owner? Or will they somehow be combined?

Best answer:

Answer by Sara Fz
Sry dnt know… I juz need points.. :p

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Do I file my individual taxes and small business taxes together as one filing or separate?

Fri, 04 Nov 2011 20:39:09 +0000

Question by just me: Do I file my individual taxes and small business taxes together as one filing or separate?
I have a “small business” (I’ve paid the sunbiz.org annual fees, the business has it’s own EIN #, I have a business bank account, and do work as a sub-contractor). I also have another job where I have taxes withdrawn and work as an employee for a corporation. I filed my taxes all together on turbotax under my individual social security number under the “home and business” filing category. Should I have done this, or should I have filed my sub-contractor work separately with the EIN number as the social, and then filed the tax form for individuals separately (filing as though for two separate people rather than one)?

Best answer:

Answer by NYTAXEXPERT
You are not giving us enough information. If your small business is incorporated as a Corporation or an S-Corporation, the business must file its own tax return. If the business was never incorporated and you are the sole owner of the business the income should be reported on your personal tax return on Schedule C. If it is an LLC and you are the sole owner of the business it is considered a disregarded entity and the income should be repored on your personal tax return – Schedule C

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Prepared individual taxes two weeks ago, but I need to do my small business tax now, is it ok to file seperate

Sat, 04 Jun 2011 05:51:49 +0000

Question by Javier D: Prepared individual taxes two weeks ago, but I need to do my small business tax now, is it ok to file seperate
Hello, an agent prepared my taxes two weeks ago. They dont do small business taxes. So i went and purchased turbotax home and business. Filled in my schedule C, but I needed to do my regular 1099, i guess it’s protocol. Anyhow, sales for 06 for my business was only $ 254, is this usually how filing business taxes work, a 1099 with a schedule C seperate from the regular W2 type tax for your job. Is it ok how I filed it?
Hello, an agent prepared my taxes two weeks ago. They dont do small business taxes. So i went and purchased turbotax home and business. Filled in my schedule C, but I needed to do my regular 1099, i guess it’s protocol. Anyhow, sales for 06 for my business was only $ 254, is this usually how filing business taxes work, a 1099 with a schedule C seperate from the regular W2 type tax for your job. Is it ok how I filed it?

So my agent already e filed my personal taxes. I’m going to e file my business taxes, but won’t another 1099or1040 go with it? I’m I missing something? Do I print and mail in just the Schedule C. I could go to a cpa, but I had a negative profit as it is already, I’d hate for him/her to charge me an arm and a leg for such a small income.

Best answer:

Answer by the Boss
You use a schedule C, but it’s part of your regular return. You have a 1040 and a schedule C. Your 1099 only shows your income, you don’t need to file it.

You should really do an amended return. You should have included the schedule C with your 1040. If you got a 1099 for the $ 254 then that got reported to the IRS, so they will expect that to be on your return.

LOOK UP THE PROCEDURE FOR AMENDED RETURN

(It’s part of your personal taxes. You can’t do a separate return for it).

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Prepared individual taxes two weeks ago, but I need to do my small business tax now, is it ok to file seperate

Sat, 04 Jun 2011 05:51:49 +0000

Best answer:

Answer by the Boss
You use a schedule C, but it’s part of your regular return. You have a 1040 and a schedule C. Your 1099 only shows your income, you don’t need to file it.

LOOK UP THE PROCEDURE FOR AMENDED RETURN

(It’s part of your personal taxes. You can’t do a separate return for it).

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