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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I have a small construction business and past several

Customer Question

I have a small construction business and for the past several years have just claimed the earnings as personal income and paid the self employment taxes. I had a client who sent me a 1099 misc for the amount of work I did for him under non-employee compensation using my EIN number on the 1099 misc.
Is there a way to still use my personal schedule 1040 and declare this on the 1040 or will I have to do a schedule 1120s and file a tax return for the business separately?
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. Do you have a registered S corporation?
Customer: replied 6 months ago.
Expert:  emc011075 replied 6 months ago.
Than you should be filing corporate return. If the income was reported to the corporation, not you than it has to go on corporate return.
Customer: replied 6 months ago.
and the 1120s is the correct form for this?
Expert:  emc011075 replied 6 months ago.
Where and when did you registered your corporation? What form did you filed last year?
Expert:  emc011075 replied 6 months ago.
Scorps file 1120S. You should be receiving a payroll check from your corporation and K1 for he distribution of profit.
Customer: replied 6 months ago.
got it, thanks for your help