How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I need to file taxes sole proprietorship but all i have is

Customer Question

I need to file taxes for my sole proprietorship but all i have is bank statements, thats all, the lady filing my back taxes passed away and all of my records are gone.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.

.You will report your income and may deduct qualified expenses.

You do need to re-establish your business records.


Expert:  Lev replied 7 months ago.

you may report all business income and expenses

-on the schedule C -

The net income (after deductions) will be reported on the form 1040 line 12 -

If the business has net income over $400, it may be required to file Schedule SE, Self-Employment Tax

and net self-employment income is subject to 15.3% self-employment tax.Self-employment taxes from schedule SE will go to the form 1040 line 57 -

Also - you will deduct half of self-employment taxes on the line 27.

Generally - that all you needs tax purposes - just verify possible deductions.