Tax question: how do I claim and pay?

Question

I have been working for myself the past year cleaning homes. I do not have a business name or any of that stuff...its just a strictly on the side job I do for myself. How can I go about doing my taxes for this money I've made?

Answer 1

First, you have to figure out what your income is. You will have probably incurred costs for supplies, and for car mileage; the costs are deductible, and the mileage is deductble at 44.5 cents per mile. Start by filling out Schedule C, in which you will show your gross revenue and all expenses. The net proceeds are then copied onto your 1040 form. You will also need to do a Schedule SE, because Social Security tax will be due.

Answer 2

You will need to file a Schedule C and Schedule SE on your tax return. (You might also need Forms 2106 and 4562 for your auto expenses.) Just use your name as the business name, the SIC code is 7349. You are entitled to write off any expenses associated with the income. If you don't know what you're doing, go to a professional.

Answer 3

Claim any profit you have made as additional income (there is a space for it on the tax form). Then, you might want to get a business license, so that next year you can write off the expenses of your cleaning products, transportation, advertising and other expenses.

Answer 4

Take hatchland's advice. If you are making $1,000 a week or more, you can contact the state tax office and the IRS and they will send you a tax reporting form, this is estimated tax and is payable Quarterly.

Answer 5

Schedule C and Schedule SE along with the 1040.

Answer 6

Um....dear....unless someone gave you a 1099 form....just shhhhhh !!