If you owned a business and worked for an employer what should you file taxes under?

Question

I need to file my taxes from this year NOW! My deadline is up and I am going to do efile....my problem is though, HOW? Should I file as "Individual taxpayer" or as Business/self- employed because half of last tax season I was self employed and half the other I left that and was working as private contractor

Answer 1

You file the standard form for an individual the 1040 and your business is filed on a Schedule C where the total is carried forward to the 1040. That way both wages from an employer and those from your business are on the same form.

Answer 2

There aren't statuses of individual taxpayer and business/self-employed.

You'll show your W-2 income on a 1040 form, and your self-employed income and expenses on a schedule C or C-EZ. The net from the C will transfer to a schedule SE to figure your self-employment tax. The numbers from the bottom of the two schedules will transfer to the 1040 that has your W-2 income on it, to figure your total tax.

Answer 3

You file as an individual and attach Schedule C.

You file Schedule C for your self-employment for the first part of the year. If your work as a private contractor was in the same field, you put that profit/loss on the same Schedule C. If it is a different field of work, you do a second Schedule C for that.

Answer 4

As far as I know, and I'm not a tax professional, you would be taxed individually for earnings from each. You would have a set of earnings and expenses for your own business and a set for your "employment."

Also, it depends on how your business is set up. If your business is a C Corp then you'd file very differently than if it was an LLC or Partnership. Seriously, your best bet would be to get some professional advice. Every state is different and your situation is too complex to be answered on yahoo answers without seeing facts. I'd hate to see someone get screwed over a post like this.