2007-03-03 01:56:49 · 5 answers · asked by brown eyes 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you have income and/or expenses from a small business, you're required to file it no matter how much it is.
2007-03-03 01:59:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
All income less expenses must be reported on Schedule C of your tax return(Form 1040). If there is a loss, it may or may not be deductible. There are many factors that determine whether or not it is deductible.
2007-03-03 12:37:18 · answer #2 · answered by taxman 2 · 0⤊ 0⤋
You are required to file if you made over $400. If you made less but have other income also that requires you to file, or if you file for other reasons, then you would also list your small business income.
2007-03-03 10:40:09 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You claim whatever you made even if it is a loss. The loss can be good for tax purposes.
2007-03-03 10:05:21 · answer #4 · answered by Quant 2 · 0⤊ 0⤋
http://www.irs.gov/businesses/small/index.html
This should answer all of your questions.
good luck
2007-03-03 10:39:23 · answer #5 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋