2007-01-30 06:08:17 · 6 answers · asked by lynnski70 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If the business is set up legally as a sole proprietorship, then it can be reported on Schedule C of your individual tax return. If the business is set up legally as a corporation or partnership, then a separate corporate or partnership tax return is required to be filed.
2007-01-30 06:15:34 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
If the business is not a sole proprietor, you will need to file individual and corp taxes separately. If the business is a S-Corp, the profit / losses will flow to individual returns with corporate paying no taxes. Consult a local tax consultant. If the business is a sole proprietor, you may consider Turbo Tax Home & Business with 35% off deal listed at http://www.redtagdeals.com/tax_preparation_online-coupons
2007-01-30 13:41:01 · answer #2 · answered by weight-loss 2 · 0⤊ 0⤋
Yes, you will file personal if you paid yourself as an employee and business for your business taxes. You should find a reputable tax preparer in your area to assist you.
2007-01-30 06:13:02 · answer #3 · answered by blt_4 5 · 0⤊ 0⤋
You record a 1040 with a schedule C. The C is your organization return. Your exemptions to your dependents bypass on your return. if your organization is included, then you definately do a separate company return.
2016-12-16 17:03:54 · answer #4 · answered by ? 4 · 0⤊ 0⤋
yes and possibly yes -- You will at some point have to file and the fiscal year end and on the quarterly returns as well
2007-01-30 06:13:03 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋
absolutely...i would not put this off...get an accountant-they are very reasonable, know exactly what's needed, will help u =and it is over with....BUT-if u do not do this-one form not filed at the proper time can cost u in penalties, very quick.....
2007-01-30 06:15:20 · answer #6 · answered by bill the businessman 5 · 0⤊ 0⤋