I owned a small bussiness until august last year after that I sold it and started to work for a company.I have my W2 form now, and I want to file my taxes but myself, but now I find it hard, since I don't know what am I supposed to do with the rest of the months while I was self employed. Am I supposed to get any form or paper from my old bookkepper???.Thanks for the advices :)
2007-02-10 12:27:49 · 4 answers · asked by Peruv 3 in Business & Finance ➔ Taxes ➔ United States
You need to get any records that the bookkeeper has, and then take them to a CPA (NOT to H&R Block).
2007-02-10 14:26:09 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
You need an accounting of all your income and expenses from the self-employment business. These types of Tax Retuns can be quite complicated as there are several variables that can effect how the income/expenses must be reported. If you want to go it alone however...you can get step by step instructions by going to www.IRS.GOV --- all the info is there, but you will have to do a lot of reading...to find what is applicable to your situation.
My suggestion is that you bite the bullet and pay to have your taxes done by an experienced Tax Preparer. It means spending a little up front, but it could save you a lot of grief down the road if the t's aren't all crossed or the i's dotted correctly.
2007-02-10 13:00:17 · answer #2 · answered by Bridge Tee 1 · 1⤊ 0⤋
If you had a bookkeeper taking care of matters for you, he/she should be able to help you tremendously. They should have kept track of all the income you brought in and all the expenses you incurred for your business. Ask him/her for an itemized list of all your expenditures and income for the year. Your expenses should help lower the tax liability you will have on the self employment income you earned. On your tax return, you'll have to file a Schedule C and Schedule SE. On the Schedule C you'll list your income at the top and total your expenses at the bottom. Subtract your expenses from your income and you'll get your loss or gain from the business. The Schedule SE (Self Employment) must be filed because you have to pay self employment tax yourself. If you aren't sure of yourself, get some help in doing your return this year. You want to be sure you are taking advantage of all the tax breaks you can. Good luck.
2007-02-10 12:46:37 · answer #3 · answered by Fool in the Rain 6 · 1⤊ 0⤋
you need a tax professional for that question ,
2007-02-10 12:32:34 · answer #4 · answered by william n 2 · 1⤊ 0⤋