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I have a full time job and I decided to start a mowing business this year.I have my business license as well.I have all receipts from my equipment to my gas purchase and after my mowing season ended f

I also got another job after the mowing season ended
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2 Replies
HelenC12
Expert Alumni

I have a full time job and I decided to start a mowing business this year.I have my business license as well.I have all receipts from my equipment to my gas purchase and after my mowing season ended f

If you run a small business as an independent contractor, freelancer, single-member LLC and you also have W-2 income, you'll need to use one of the following versions. 

Related information:

 

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I have a full time job and I decided to start a mowing business this year.I have my business license as well.I have all receipts from my equipment to my gas purchase and after my mowing season ended f

Just fair warning, don't be shocked at the amount of additional tax you may owe.

Starting your own business requires a good understanding of the tax implications; you will owe both income tax and also self-employment tax.

Here are a couple of links that will provide you with some guidance / information on small businesses:

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Appears the 2019 Publication has not been released, but the 2018 will provide good guidance:

https://www.irs.gov/pub/irs-pdf/p334.pdf

 

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
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