Tax help for a sole proprieter?

Question

I'm a sole proprieter and this is my only income.I have received 2 out of 7 1099-misc forms and would like to know do I need to wait for them to all come in to file.Also, what schedule do I file?

No taxes are withheld

Answer 1

You will fill out your schedule C or C-EZ from your records, showing your income from all of the customers and all associated business expenses. You will also fill out a schedule SE to calculate self-employment tax (social security and medicare).

Depending on a lot of factors, the other clients are not necessarily required to send you 1099's.

Answer 2

You should've given your clients a W-9 so they would not ahve withheld taxes from what they paid you. In that case, you do not need to have 1099s to file if you are self-employed. You can file off your own records (which you should've kept). Those companies will probably not even bother sending you a 1099, they will consider you a separate business entity (vendor). If you need to 1099s to see what taxes were withheld, then you will have to contact each company to get them.

Either way, you can file all your business expenses & income on a Schedule C with your 1040. It is not a separate return, just a schedule that goes with your 1040. The instructions & forms are available on the IRS link below.

Answer 3

You do not have to wait until all your 1099-Misc's come in if you kept records on your collection of income.

Generally you would file Form Schedule C and Schedule SE combined with your Form 1040.

Answer 4

You do not have to wait for the remaining 1099s as long as you know what your income is.

File Schedule C of Form 1040.

Answer 5

Go to IRS.gov and get all your answers plus more.