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I have my own cleaning business so I believe I would be

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Hello my name is***** have...
Hello my name is***** have my own cleaning business so I believe I would be considered a self contractor. I want to do things right but am unsure how I need to file taxes and what I need to be saving.
I also am going to have a nanny job over the summer making 300 a week for 3 months. Would I need to file that and pay taxes?
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/25/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,288
Experience: Taxes, Immigration, Labor Relations
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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.

Let me know if you need any help with reporting.

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