This year was an Independant Contractor paid on a 1099 as well as having a second business sole prop. Do i file a sched c for each business or how do I lump everything into one?
2007-04-10 05:46:46 · 6 answers · asked by rsp5300 1 in Business & Finance ➔ Taxes ➔ United States
If your business are unrelated, then you would file two Schedule C's and report the total of the two on Line 12 of your 1040.
2007-04-10 05:51:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the business services paid on the 1099 are the same kind of services offered through your sole prop. business, then it would seem reasonable to file a single Schedule C.
If the services were different, you probably need to file a separate form.
You might want to check this Q/A guide from the IRS website:
http://www.irs.ustreas.gov/faqs/
2007-04-10 05:54:47 · answer #2 · answered by not yet 7 · 0⤊ 0⤋
If the whole income was from the same business, you can file one schedule C (or possibly C-EZ if you meet the requirements). Getting a 1099 for some of the income but not for all of it doesn't change that.
If the 1099 work was a different type of work from that done by your sole proprietor business, then they would go on separate schedule C's, in which case you can't use C-EZ.
2007-04-10 05:52:59 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If they were distinct (different and no way connected) businesses you need a schedule C for each. It also usually works out to your advantage that way. Read carefully the instructions for the deductions you can take, If you own your home it's going to look like a lot of work to figure the % depreciation attributable to your business but it is worth it to at least figure out what it would be. I didn't for several yrs and even w/ our low payments when I finally did one yr I kicked myself over what I lost by not doing it.
2007-04-10 06:02:17 · answer #4 · answered by A F 7 · 0⤊ 0⤋
Schedule C for each business activity.
All self-employment income will go on one Schedule SE
if you are paying any self-employment tax, don't forget to take the deduction on line 27 of form 1040
2007-04-10 05:54:14 · answer #5 · answered by Jo Blo 6 · 0⤊ 0⤋
you will fill out 2 Schedules SE: One for you (based in your self employment earnings) and one on your spouse (in keeping along with her self employment earnings). you are able to report at a similar time. in simple terms upload the totals mutually and placed it on the joint 1040.
2016-12-08 23:15:36 · answer #6 · answered by ? 4 · 0⤊ 0⤋