WHEN IS THE EARLIEST I CAN FILL FOR TAXES FOR 2017 AND I HAVE OPEN MY BUSINESS IN OCTOBER IN 2016 HAVE QUESTION ABOUT TAXES FOR MY BUSINESS

[aliciawashington]

when is the earliest i can fill for taxes just open my business in October of 2016 WILL I HAVE TO PAY FOR ANY TAXES FOR THIS YEAR

[re2boys · Accepted solution]

For tax year 2017, you would file your taxes by April 15, 2018.

If you meant for 2016, the IRS will begin accepting tax returns in late Jan 2017.

If you opened your business anytime in 2016, (assuming it is a sole proprietorship), you would report all income received and all expenses paid on your 2016 income tax returns.

Opening a business means that you "opened your doors" to accepting sales or clients in 2016.  If you only began buying supplies etc but did not begin actively accepting sales or offering services in 2016, then any expenses are start up costs that you can't claim until the year you actually "open the doors".  There are special rules for start-up costs. See https://www.irs.gov/businesses/small-businesses-self-employed/tax-years for more info.

[VolvoGirl]

What kind of Business did you set up?  Self Employed, Sole Proprietor, LLC, S Corp, Partnership, etc.

If you have Self Employment income you have to file a schedule C in your personal 1040 return. You may get a 1099Misc for some of your income but you need  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

Pulication 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

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return....
http://quickbooks.intuit.com/self-employed

[VolvoGirl]

HOW TO ENTER
First of all, for Online versions you will need to use Self-Employed (formerly Home & Business).  But you might be able to use a lower version.   If you buy the Desktop CD or Download Software any version will handle it but you will get more help in Home & Business.

You can use Online Deluxe or Premier if you have very limited expenses such as supplies less than $100.   If you have more complex situations and/or higher expense amounts you will have to upgrade to the Self-Employed version to fill out the full schedule C.

For the Online Deluxe and Premier (you can't use Free)...........You start out by filling out a 1099Misc even if you didn't get one.
Federal Taxes Tab
Wages & Income
Choose Jump to Full List -or  I'll choose what I work on
Then under 1099Misc and Other Common Income
Income from form 1099-MISC