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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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what tax forms do i use, for a small business i started last

Resolved Question:

what tax forms do i use, for a small business i started last year. no llc no corporation, just a federal id #
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
Hello melissa,

Do you have other employees other than yourself?
Customer: replied 7 years ago.
no just me
Expert:  Merlo replied 7 years ago.
Hello again melissa,

If you are the only person working in your business, then you are considered to be a sole proprietor. You will not even use your tax ID number to file. All of your income and expenses will be reported on your own personal tax return under your social security number.

You will fill out Schedule C to report your income and any expenses you had in relation to the business. Once you arrive at your net income, that amount will transfer over to your Form 1040 on line 12, and will be added to any other income you had from other sources.

As a self employed person you will also have to pay the full share of social security and medicare taxes on your net earnings from self employment. Those taxes are computed by filling out Schedule SE.

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