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what tax forms do i use, for a small business i started last

Customer Question
year. no llc no corporation...
what tax forms do i use, for a small business i started last year. no llc no corporation, just a federal id #
Submitted: 8 years ago.Category: Tax
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Answered in 1 minute by:
2/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello melissa,

Do you have other employees other than yourself?
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Customer reply replied 8 years ago
no just me
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again melissa,

If you are the only person working in your business, then you are considered to be a sole proprietor. You will not even use your tax ID number to file. All of your income and expenses will be reported on your own personal tax return under your social security number.

You will fill out Schedule C to report your income and any expenses you had in relation to the business. Once you arrive at your net income, that amount will transfer over to your Form 1040 on line 12, and will be added to any other income you had from other sources.

As a self employed person you will also have to pay the full share of social security and medicare taxes on your net earnings from self employment. Those taxes are computed by filling out Schedule SE.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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