I started a business in Sept. of 2006. I am the sole proprietor. The business has its own tax number. I do not draw earnings from this. I want to file this seperately from my personal taxes. I already filed my 1099 & 1096 for my independent contractors. Which forms should I fill out to report my earnings and expenses? And, Can I file it in just the company's name and just use my name as the owner/contact. I do not want this to be affiliated with my personal taxes. (I work a full time job that I claim as my income) Can I do This?
2007-01-18 07:14:03 · 7 answers · asked by Shawn G 1 in Business & Finance ➔ Taxes ➔ United States
Apparently you didn't like the answers to your previous question.
Even thought the business has a separate tax id, if it is a sole proprietorship, you file a Schedule C showing the income and expenses. The schedule C goes along with your 1040.
If you didn't want this income associated with your personal return, you should have formed a corporation back last year. Unfortunately, it is too late now for the 2006 data.
2007-01-18 07:37:53 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
As a sole proprietor you are required to pay some estimated taxes in April, June, and September of the tax year. The final, fourth estimated payment is due about January 15th of the following year.
Ask the I.R.S. to send you the 1040-ES/V (OCR) Estimated tax for Individuals package. This package includes instructions and 4 envelopes and forms for your quarterly payments.
When you file your 1040 at year's end, you must include a form called Profit or Loss from Business (Schedule C, form 1040) with your return.
Your earned income (W-2 income) and self-employed income (proprietor income) is combined when you file your return at year's end. You cannot separate it. It must all be reported on
your 1040. You must also keep a running account of your self-employed business finances.
Good luck.
2007-01-18 15:42:20 · answer #2 · answered by Huero 5 · 0⤊ 0⤋
No: Your business is part of your annual income. You have to do a Schedule D for business income and report it on your 1040 to IRS.
Why did you get a seperate Tax No: If you report the income on a 1099 to your personal SSN then your tax requirements are also met.
2007-01-18 15:24:22 · answer #3 · answered by whatevit 5 · 0⤊ 2⤋
Its called a 1040 - Schedule C "Profit or Loss From Business" is what you're looking for.
2007-01-18 15:23:35 · answer #4 · answered by TheAnswerGuy 2 · 0⤊ 0⤋
You can use a schedule-C if sole proprietor.
2007-01-18 16:20:12 · answer #5 · answered by shaydzofluv 2 · 0⤊ 0⤋
the form is called a 1099-Misc and you can get that form on expresstaxrefund.com
2007-01-18 15:20:59 · answer #6 · answered by mark 1 · 0⤊ 2⤋
Look at my reply to your previous question.
2007-01-18 15:22:30 · answer #7 · answered by jseah114 6 · 0⤊ 0⤋