Capital Gains and Losses

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I have a business income with no other employees. Do I have…

Customer Question
I have a business income...
I have a business income with no other employees. Do I have to file taxes for the business and me seperately? or whats the best way to file taxes with small business?
Submitted: 2 years ago.Category: Capital Gains and Losses
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2/21/2016
Tax Expert: CGassist.168, Accountant replied 2 years ago
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 4,794
Experience: Tax Accountant
Verified

Are you a sole proprietor? If so, you need to complete the Schedule C along with the Form 1040. The Schedule C is used by sole proprietors. Information from the Schedule C transfers over to the 1040. There is one return that you have to file.

Link to Form Schedule C:

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

Let me know if I can further assist you with this matter.

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Customer reply replied 2 years ago
I'm Sole proprietor. in this case if I made $50k my expenses $35k about about how much will I owe?
Tax Expert: CGassist.168, Accountant replied 2 years ago

Filing single, 50k, you're in the 25% tax bracket. Because I don't know what other deductions you have, the best thing for you to do is to use a tax calculator to get an estimate of how much you will owe. Besides, asking how much you will owe is a separate issue from your first inquiry.

Link to tax calculator:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

A positive rating of 3 or more stars is appreciated so that I may receive credit for assisting you.

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