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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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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: 10 months ago.
Category: Tax
Expert:  emc011075 replied 10 months ago.
Hi. My name is ***** ***** I will be happy to help you. Do you have a registered S corporation?
Customer: replied 10 months ago.
Expert:  emc011075 replied 10 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 10 months ago.
and the 1120s is the correct form for this?
Expert:  emc011075 replied 10 months ago.
Where and when did you registered your corporation? What form did you filed last year?
Expert:  emc011075 replied 10 months ago.
Scorps file 1120S. You should be receiving a payroll check from your corporation and K1 for he distribution of profit.
Customer: replied 10 months ago.
got it, thanks for your help

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