Prepared individual taxes two weeks ago, but I need to do my small business tax now, is it ok to file seperate

Question

Hello, an agent prepared my taxes two weeks ago. They dont do small business taxes. So i went and purchased turbotax home and business. Filled in my schedule C, but I needed to do my regular 1099, i guess it's protocol. Anyhow, sales for 06 for my business was only $254, is this usually how filing business taxes work, a 1099 with a schedule C seperate from the regular W2 type tax for your job. Is it ok how I filed it?

Hello, an agent prepared my taxes two weeks ago. They dont do small business taxes. So i went and purchased turbotax home and business. Filled in my schedule C, but I needed to do my regular 1099, i guess it's protocol. Anyhow, sales for 06 for my business was only $254, is this usually how filing business taxes work, a 1099 with a schedule C seperate from the regular W2 type tax for your job. Is it ok how I filed it?

So my agent already e filed my personal taxes. I'm going to e file my business taxes, but won't another 1099or1040 go with it? I'm I missing something? Do I print and mail in just the Schedule C. I could go to a cpa, but I had a negative profit as it is already, I'd hate for him/her to charge me an arm and a leg for such a small income.

Answer 1

You use a schedule C, but it's part of your regular return. You have a 1040 and a schedule C. Your 1099 only shows your income, you don't need to file it.

You should really do an amended return. You should have included the schedule C with your 1040. If you got a 1099 for the $254 then that got reported to the IRS, so they will expect that to be on your return.

LOOK UP THE PROCEDURE FOR AMENDED RETURN

(It's part of your personal taxes. You can't do a separate return for it).

Answer 2

No, the schedule C is filed along WITH your 1040 showing your W-2 income. The number from the bottom of the schedule C goes on that 1040. If a tax agent, knowing you had 1099 or self-employment income, prepared a return for just your W-2 income that didn't show that, the person is either irresponsible or incompetent or both, and should refund whatever you paid them.

If you filed a second return showing just the 1099 income, it will be rejected if you had already filed the W-2 one - they are supposed to be on ONE return. You're going to have to amend the first return to add on the 1099 income.

Answer 3

If the business corporation is you, and you on my own, and is not any longer formally prepared (organization, LLC) then the pastime is reported on your schedule C with the schedule SE for the self-employment tax (the two components of FICA or often reported as social protection). for the reason which you have an EIN (corporation identity selection) you may desire to have coated it on the schedule C, however the IRS can technique the return with out it. It enables keep issues today whilst there is extra desirable than one schedule C on a return.