Did you earn income in 2015 as an independent contractor, from a side job or from a business that you own? Even if the amount is small, the IRS considers you a sole proprietor and requires you to itemize your operational income and expenses on either IRS Schedule C-EZ, Net Profit from Business, or Schedule […]
Starting a new business and keeping it going through its first year is a great accomplishment. Congratulations! When you file a federal income tax return for your business, the paperwork and forms you will use depend on how your business is organized. Here’s how you’ll file your business return, based on your business type:
In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: In 2013, I worked for a startup and was paid as a contractor. In 2014, I worked for the same company. They ended up bankrupt and never paid me the final 1.5 months […]
You Got This Weekly Series: Should Self-Employment Income from More Than One Business Be Reported as One Income or Separately?
Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: Do self-employed, not as in owning their own business, but as representatives of companies like Avon and Mary Kay, need to report their income separately on their tax return or can the multiple incomes be […]
How to decide if you have one or more Schedule C businesses? Self-employed individuals often have more than one activity going at once. You can report closely related activities together on one Schedule C. If you have unrelated activities, however, you must report them on separate Schedule Cs. Similar activities would include different lines of […]