I am an independant contractor, i am a hair stylist and pay rent for my station and buy all of my own products, this is the first year i haven't been an employee and i am not real sure if i am suppossed to file seperately from myself as a business or do i file them together?
2007-01-08 05:29:09 · 4 answers · asked by pooh bear 4 in Business & Finance ➔ Taxes ➔ United States
If you are a sole proprietor, you will file a schedule C with your form 1040. On it you will list all of your business income and expenses. The bottom line from the schedule C (positive or negative) is transferred to the 1040 as business income, so you are actually filing your business taxes right along with your personal taxes. If the schedule C shows a positive income of a certain amount you will be subject to self employment tax (social security and medicare on your earnings) and will need to file schedule SE.
2007-01-08 05:40:29 · answer #1 · answered by Mary T 2 · 0⤊ 0⤋
If you were incorporated, you would file separate returns for the business and for yourself. I assume you are not incorporated. You'd file your regular return, including a 1040 Schedule C or C-EZ to show your income and expenses for the year. The net from this would be transferred to your 1040. You'll also need to file a Schedule SE to calculate your self-employment tax.
2007-01-08 15:25:53 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You should list all expenses. You are going to have to pay taxes on your income.
2007-01-08 13:32:00 · answer #3 · answered by dagoodest 2 · 0⤊ 0⤋
try taxact. thats what i use to do my taxes taxact.com i think is the site
2007-01-08 13:32:05 · answer #4 · answered by stormyblythe 3 · 0⤊ 0⤋