2007-04-17 16:50:37 · 3 answers · asked by Iceman 1 in Business & Finance ➔ Taxes ➔ United States
I have a full time job as well as a small business. I bought equipment totally 12000 and with a income of 8000 my net income is -4000.If i file late, will I get fined?
2007-04-17 17:02:44 · update #1
Yes, you need to file. If you are late and you owe, there will be a penalty - if you don't owe, there won't.
The equipment purchase for your business has to be capitalized and depreciated, so you don't get to write off the whole amount on this year's taxes, so you probably do have a gain on the business and probably owe self-employment taxes as well as income taxes. Then there's the income from your job......also taxable.
File as soon as possible.
2007-04-17 20:58:05 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
Yes you do. Yesterday. If that was your total net income for the year, you may only owe for self-employment tax, or about $700. If it was in addition to other income, you may owe much more. You don't necessarily have to depreciate your fixed assets if they meet section 179 criteria, you can deduct the full amount if they do.
2007-04-17 16:53:05 · answer #2 · answered by Memo Erdes 3 · 0⤊ 1⤋
I don't know if you have to pay anything,
but You do have to file a tax return. Talk
to a Taxman - today is the deadline 4/17
2007-04-17 16:57:19 · answer #3 · answered by trebor2 6 · 0⤊ 1⤋