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Q&A: what form should i use for tax purposes?

Wed, 08 May 2013 12:41:07 +0000

Question by Destry: what form should i use for tax purposes?
I owned a small business last year for several months with a partner (it was classified as a partnership) and I haven’t been able to figure out which forms I have to fill out for the yearly taxes.
We made almost no money, unfortunately (which is why the business is no longer operational) so I can’t exactly go to a big tax company for them to help because we’re pretty much broke.

Best answer:

Answer by RUSerious
Form 1040

Schedule C

Schedule SE

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Q&A: What are the main concerns I should have a starting a small business?

Thu, 21 Mar 2013 12:01:21 +0000

Question by Ian: What are the main concerns I should have a starting a small business?
I’m thinking of moving to miami to start a small business junk removal specifically with foreclosed homes pretty much I’m starting from scratch trying to learn the ins and outs so far it seems like a good idea the only thing that I have no idea bout is taxes and things in that area if I start something I want to know every aspect
When I say know every aspect I mean learn all the need to knows. And I know how to get all the equipment that I would need cheap so that’s a start

Best answer:

Answer by Seeker
Planning is cheap. So brain storm (write down come to your mind) and plan ahead.

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I worked all year and in dec 2011 opened a small business what type of tax filing should i use?

Thu, 23 Aug 2012 19:40:20 +0000

Question by : I worked all year and in dec 2011 opened a small business what type of tax filing should i use?
i opened a small business dec 2011 and also worked all year do i file a business tax or 1040ez

Best answer:

Answer by spicertax
Attach Schedule C to your 1040. That schedule is used by sole proprietors.

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What small business tax form should I use if I started my online retail shop 04/2010?

Tue, 14 Aug 2012 04:58:28 +0000

Question by : What small business tax form should I use if I started my online retail shop 04/2010?
its jan 11th, 2011. I’m ready to file my taxes for the first time business owner (2 person partnership). What is the correct form? I thought it was IRS Form 1065, but it says 2009, hmmm

Best answer:

Answer by tro
yes, a partnership is a 1065 but you need an EIN for that and if you haven’t already got it, it is a little late

of course that doesn’t mean you can’t file it that way but this should have been considered when you organized the business–frankly I would work out another arrangement with your partner

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What records should I keep for small business tax puposes?

Wed, 27 Jun 2012 04:28:32 +0000

Question by stevenhredwings: What records should I keep for small business tax puposes?
I am a Real Estate Appraiser. Any advice on records to keep please. Are bank statements sufficient for deposits and expenses? Thanks

Best answer:

Answer by Pat
If you are serious about running a business, you need to learn how to do REAL research.

Yahoo is not research.

WHY WOULD YOU NOT GO TO THE IRS WEBSITE?
Seriously.
I want to know.

http://www.irs.gov/businesses/small/article/0,,id=98575,00.html

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What should I do regarding my small business taxes situation?

Tue, 28 Feb 2012 02:50:26 +0000

Question by Vurtigo: What should I do regarding my small business taxes situation?
Hello, I’m looking for a little direction regarding my taxes. For the past year I have been dog walking for a living and 5 months ago I decided to legitimize and expand a bit. I got licensed and insured in my city, and started to get a bigger client base. My city told me that they didn’t have a “dog walking” business license so they just gave me a home based business license, they said I didn’t need a tax id(which now I’m thinking I did) I have a business account at my bank which I deposit all my work related monies into. I have no idea where to start to do my taxes, any help or hints would be much appreciated.

Best answer:

Answer by A M Frantz
The key thing you need to do (which too many people like you fail to do) is keep good records of your income and expenses from the business. You will file a Schedule C with your 1040. As income for your business, put in the amount you have been paid by clients. Subtract from that the various expenses: your license, cost of stuff like leashes or chew toys that you have purchased for business purposes, advertising expenses, mileage for taking dogs to a park to walk them, etc. If you are drving dogs around to pick them up, drop them off, or take them to a walking area, it’s important to keep a log of all drving mileage that is business-related.

Schedule C is somewhat complex, and I recommend to most people that they have it done at least the first time by a professional tax preparer. Afterwards, you may want to save money doing it on your own, or continue using a professional if you find one you are happy with.

It isn’t clear to me that you have any need for a tax ID.

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advice me, if i want to file taxes for my small business for 1st time, should i do it after april 16?

Thu, 02 Feb 2012 13:04:04 +0000

Question by j3z7kd1j09aj: advice me, if i want to file taxes for my small business for 1st time, should i do it after april 16?
should i wait till i finish filling 2006 return? and then start to file my taxes for my small business?

Best answer:

Answer by dizneyfreak1
Are you a corp.? If so the return is due the 15th day of the 3rd month (e.g., calendar year are due March 15th). We ALWAYS file extension on corp returns – due Sept 15th.

If you are a Schedule C business, it is filed with your personal return which is due April 17, 2007

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Should I apply for a small business, and what is the best way to pay taxes?

Mon, 30 Jan 2012 07:47:13 +0000

Question by andychoi_chicago: Should I apply for a small business, and what is the best way to pay taxes?
Last summer I started a small business selling merchandise via online. Before all the expenses, I make around $ 10,000 a month. Maybe about 60% is my net profit.
I have not applied for small business account yet.
Not sure if I should do or not. And what would be the best way
to pay taxes. I am a single person with no kids…

I really appreciate your helpful comments.

Best answer:

Answer by isis_dreams2002
well when myself and my husband ran our own business we contacted a accountant to setup pay as you go for the taxes so you can pay monthly instalments but on 10,000 in income you have the amount right that you keep but i would advise to ring a tax person about it.
hope it helps
Mandy

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Q&A: When should I file taxes for my small business?

Tue, 13 Dec 2011 07:00:24 +0000

Question by Angela B: When should I file taxes for my small business? We are a startup company that opened in November. When do i need to start filing taxes? Best answer: Answer by VB.NET GuruYour business taxes must be … Continue reading →

what form should i fill out for taxes for small business?

Thu, 13 Oct 2011 10:46:44 +0000

Question by kevinv123: what form should i fill out for taxes for small business?
i been on the irs page forever and i cant figure it out. i want to make sure im not gonna file to much or to little or not get my business expenses back, so what form should i use?
and do you think that i would get any money back or anything, thats the real question

Best answer:

Answer by Wild Thing
I go to my accountant and he files my taxes, because there is so much stuff you can write off, which you are probably not aware of. It’s money well spend.

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