What are the most beneficial tax benefits of having a small business ?

[Lisa995]

are you self employed or an employee?

[fidelitysmom]

I am self employed as a broker and have a full time employment with the state

[fanfare]

how did you handle this last year?

[fidelitysmom]

2017 I filled as head of household with 3 dependents. I only had the state position.

[Critter]

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Beginner-s-Tax-Guide-for-the-Se... 

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-an... 

[fanfare]

if you are self employed, file Schedule C you can deduct your  business expenses.
visit  www.irs.gov/directpay now. select make a payment  estimated tax,