I have never filed schedule c. I am a little confused by it...?

Question

Do you send in a 1040 and attach a schedule c? I hear you have to file schedule c every 3 months. So, do you send it with a 1040, or do you just send in a schedule c, or do you send all 4 of them at the beginning of next year with the 1040? Or none of the above?

Answer 1

In terms of filing dates, you may be confusing Schedule C with Form 1040-ES. Wage earners have federal income tax and FICA withheld from their paychecks by their employers, who in turn remit the withheld amounts to the IRS. If you are self-employed, you must pay estimated tax every quarter in lieu of this withholding. You cannot wait until April 15th to pay without incurring a penalty.

Pay your taxes quarterly by filing Form 1040-ES. Be sure to include both federal income tax and self-employment tax, which is both your and your employer's (i.e., your) share of FICA. Form 1040-ES is due the middle of April, June, September, and January. When you file your Form 1040 in April of the following year, attach Schedule C or C-EZ(to determine your net earnings from self-employment) as well as Schedule SE (to determine your self-employment tax) to your 1040.

Answer 2

Yes, you will need to attach and file the Schedule C with your Form 1040. This is necessary because the information from the Schedule C will flow to page 1 of your Form 1040 and self-employment taxes will be computed on page 2 of your 1040. Also, to my knowledge you do not have to file a Schedule C every three months. You just need to file it once with your 1040.

Answer 3

Okay first of all where did u get ur information from? You only need a schedule c if you recieve a 1099 misc or you are an owner of a business. No you dont have to do one every 3 months. That will be the employee taxes that's sent in every 3 months. Yes a schedule c goes with a 1040. You will always have to do a 1040 and once a year before the 15th of April. You can apply for extensions, but what ever tax liablity you have will remain. To get the best deductions on schedule c's will be to keep a reciept that accured during the tax year that you used for the job or business. Including land line, supplies, employees wages, insurence on the business, and car milage.