hi,i have a small business that i just put in my business name.i was wondering,at tax time,do i have to pay any extra tax or anything for this business name??
2006-11-08 08:40:49 · 2 answers · asked by forest lover 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
its a sole proprietor business name,for an independant contractor position.
2006-11-08 08:41:37 · update #1
No! Simply having a business name does NOT mean your tax structure will be any different. Sounds like you are a sole-proprietorship? You file a Schedule C? If so, you will keep filing Schedule C. Getting a fictitious name or a EIN changes nothing tax-wise.
2006-11-08 22:54:58 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
No, assuming you are not a corporation...then you will be considered a self-employed person for IRS tax purposes. They don't care how many business names you use...as long as you pay FICA, Medicare and income taxers on your net earnings from these businesses.
2006-11-10 20:00:03 · answer #2 · answered by dltcpa 2 · 0⤊ 0⤋