As self-employed how do I file my annual return?

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Federal, State, Local and International Taxes – To file your annual tax return Self-Employed Individual, you will need to use Schedule C or Schedule C – EZ to report your income or loss from a business you operated or a profession you practiced as a sole proprietor.

 

Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C.

 

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax. Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year. Considering a Tax Professional? For no obligation free consultation contact us today!  

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll Free

http://www.abataxaccounting.com

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Published in: on October 10, 2012 at 5:46 pm  Leave a Comment  
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