I am doing my own taxes
and I have a couple of questions.
1) I started a web company in 2014 under my name, and it ultimately failed by the end of 2015. No revenue was generated and I never put in the paperwork to register the company as a corporation (so all incurred expenses for 2015 were under my name).
2) throughout 2015 I also did part-time subcontracted work for a creative agency.
The only income
I received in 2015 was from the creative agency and I received a 1099- MISC form
(primarily Public Relation and web development work).
QUESTION #1 - can I file my federal return
using the 1040 form and include the expenses from my failed web startup business (i.e. flyers, software
, etc.)? What should I make my occupation so that it encompasses both of the occupations above (Independent Contractor
? Web Startup Founder?)?
I also did not make enough estimated
payments throughout the year and wont be able to pay the remaining balance until May.
1) Throughout the year I made my payments using the form 1040
Estimated Taxes - Tax Year 2015 and also via Form 1040 Balance Due - Tax Year 2015 -- were these forms correct/okay to use?
2) I am going to have to pay my remaining tax balance for 2015 in two payments (one now and one in May). Should I use the 1040 Balance Due form? I am aware that I will incur late penalty fees.