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New Member
posted Jun 6, 2019 11:11:31 AM

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

0 6 599
6 Replies
Alumni
Jun 6, 2019 11:11:32 AM

are you self employed or an employee?

New Member
Jun 6, 2019 11:11:34 AM

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

Level 15
Jun 6, 2019 11:11:35 AM

how did you handle this last year?

New Member
Jun 6, 2019 11:11:37 AM

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

Level 15
Jun 6, 2019 11:11:39 AM

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... 


Level 15
Jun 6, 2019 11:11:41 AM

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,