iam proprietor of business.should i file it for both business and me?

Answer 1

Generally a "sole proprietor" will file an individual tax return using Schedule C and IRS Form 1040. The Business activity is reported on the Schedule C and the results transferred to the 1040.

Answer 2

The question is not very clear to me. My problem is with the word "file " as used in your question. A governing principle is that a business should be regarded as an "Entity" that means the business and its owners should be separate and distinct from each other. The relationship between you and your business is only on the financing part as a provider of equity capital. On the other hand if you are working with your business, together with other employees, you should make sure that your duties should be well defined, equally the same as other employees. Never perform anything that needs the attention of the expert just because you are the owner of the business. The application of one of the most fundamental accounting principle that defines a business as an accounting entity should be very much adhered in deciding the allocation of both human and material resources for the betterment of the business. The profit earned by your business should be appropriated between you and the business on the best proportion that favors the business. This decision should reached at the end of the year. An accountant should be consulted in determining the profit earned.

Answer 3

Are you in the US? If your business is set up as a sole proprietorship and you aren't incorporated, you'll file one return with a form 1040 and a schedule C showing your business income and expenses and a schedule SE to calculate self-employment tax for social security and medicare. The numbers from the bottom of the two schedules will transfer to the 1040. Any other income you have will go on the same 1040, and you'll calculate your total tax there.