I have a full time job (W2) in which I will file my taxes annually. Each year, I typically get a federal and state refund due to donations I make and other tax deductions. For this year, 2023, I have a side job (rideshare driver), and I keep a record of the self-employment taxes (Fed. Soc. Security, Medicare, State Income Taxes) due from each weekly earning period, and I set that aside. I also started a business this year, where I have lots of startup expenses; I don't expect to make a profit this year. Below are my questions:
1. Can I continue to file my taxes annually to include my salaried position (W2) and both my ride share driver (1099) and new business?
2. Would filing all at once annually adjust/offset the overall tax refund I would receive or the amount I would have to pay in taxes?
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1. Yes, you file one annual tax return and your businesses are reported on Schedule Cs included with that filing.
2. The United States taxes income "from whatever source derived." As an individual, all your income goes on one tax return: W-2, dividends, capital gains from shares of stock sold, loss form one side business, income from other side business. All of those items go on the tax return and drive the calculation of tax doe or refund coming your way.
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