2007-11-07 06:24:38 · 5 answers · asked by dqpl 1 in Business & Finance ➔ Taxes ➔ United States
You use your own records of your revenues and expenses. Attach Schedule C of Form 1040 to your tax return. This schedule is a profit/loss statement.
You do not need an income document such as a W-2 or 1099MISC to file as a sole proprietor.
2007-11-07 08:42:22 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You should be keeping accurate records of your income and expenses. You'll use your own records when filing your tax return - you'll use a schedule C, a schedule SE, and a form 1040.
2007-11-07 14:29:41 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
If you do not have a daily record, the next best thing are the deposits from the bank statements. All deposits are assumed to be your revenue ( do not forget the deposits in transit). Assuming you do not co-mingle business revenue with your personal checking account.
2007-11-07 14:56:51 · answer #3 · answered by Itsok 3 · 0⤊ 0⤋
There's a special form you have to get to declare your income on your own. You can usually get them at your library once tax season starts.
2007-11-07 14:28:24 · answer #4 · answered by Marra's mommy 6 · 0⤊ 0⤋
It sounds like that you are self-employed. Hopefully, you are keeping accurate records aon what you are making and paying to do your work. Also are you paying estimated quarterly tax payments.
2007-11-08 07:18:00 · answer #5 · answered by Gary 5 · 0⤊ 0⤋