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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I've started a small business this year ( sole

Customer Question

Hi, I've started a small business this year ( sole proprietorship) and have kept pretty good records but I haven't filed anything "official" with the state (UT) or the Feds. Do I have to complete this by year end or can I get it all done by 4.15 to be eligible for 2015?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

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Yes, you need to get it done by Apr 15

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You'll use schedule C (Business income or loss) as the document to report gross income, your expenses, and then come down to profit.

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Then, that profit flows to line 12 on the front of your 1040 (business income or loss).

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Then that becomes part of your AGI, which is the starting point for the state return.

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If you use, say, Turbotax, this is all done automatically, if you just answer the questions

Expert:  Lane replied 11 months ago.

As a matter of fact, if you'll become familiar with the schedule C (because it's essentially the income statement fo your business) you'll be able to better project where you are with profit and more easily be able to estimate your taxes

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Here's the Schedule C:https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

Expert:  Lane replied 11 months ago.

Hope this has helped...Let me know if you have questions.

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If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by clicking or touching the stars or smileys on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

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Thank you,

Lane

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