I have a full time job that I file 1040EZ and I am starting a part time business that I would like to write off business expenses separate from my full time job. Is this possible?
2007-06-17 20:04:57 · 4 answers · asked by gidn 2 in Business & Finance ➔ Taxes ➔ United States
No, if you have 1099 income, you can't use a 1040EZ. You can only file one return each year, and with a 1099, you have to file a 1040 along with your schedules C and SE. Your income and withholding from your full time job will go on that same 1040.
You're confusing business expenses with personal itemized deductions. On the schedule C, you'll report any expenses of running your business, and subtract them from your gross to get the taxable income from your business. On the 1040 you will still take either the standard deduction or your personal itemized deductions, whichever is more. And you'll show your personal exemption on the 1040 also.
2007-06-18 03:32:07 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You cannot use 1040EZ if you own a business. You must file form 1040 with Sch C to report your self employment income.
You report your income and expenses from your business on Sch C then carry the net self employment to form 1040.
2007-06-18 03:16:07 · answer #2 · answered by Mark S 5 · 0⤊ 0⤋
You need to file a 1040 because of the business income.
See chart C.
http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
2007-06-18 03:15:26 · answer #3 · answered by Bulk O 5 · 0⤊ 0⤋
nope. you gotta go with a 1040.
2007-06-18 04:09:09 · answer #4 · answered by Dallas 2 · 0⤊ 0⤋