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I have questions about Schedule C.

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I have questions about Schedule C.
Submitted: 1 year ago.Category: Tax
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Answered in 1 hour by:
1/3/2016
Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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Your requested expert doesn't seem to be online at the moment. However, I'm sure he would want a more specific question than "I have questions about Schedule C", so it would be a good idea for youto add more material.

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Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,153
Experience: Taxes, Immigration, Labor Relations
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So if you run a business as a solo proprietor - there would not be any difference for income tax purposes, but the owner will be taxed on net business profit - and will be subject to both - income and self-employment tax.

You will report your income and may deduct qualified expenses.- you may report all business income and expenses -

on the schedule C -

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

The net income (after deductions) will be reported on the form 1040 line 12 -

http://www.irs.gov/pub/irs-pdf/f1040.pdf

If the business has net income over $400, it may be required to file Schedule SE, Self-Employment Tax

http://www.irs.gov/pub/irs-pdf/f1040se.pdf

and net self-employment income is subject to 15.3% self-employment tax.

Self-employment taxes from schedule SE will go to the form 1040 line 57 -

http://www.irs.gov/pub/irs-pdf/f1040.pdf

Also - you will deduct half of self-employment taxes on the line 27.

Generally - that all you needs tax purposes.

Please review all possible deductions - that might help to reduce income tax liability.

Any questions?

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Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you will all tax related issues.

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,153
30,153 Satisfied Customers
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