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RaptorRed
New Member

I own 25% of a small business, does this affect my taxes and if so, which forms should I be filling out?

I own 25% of the stocks of a small business(S type corporation), and am employed by this business and paid a bimonthly salary with annual income less than $30,000.00. I have made business contributions of approximately $4,000.00 for uniforms, fuel for company vehicles, and licensing requirements.

Since I only control 25% I don't believe I qualify as self-employed, correct?

What forms do I need to file, and which product would you reccomend I use?

1 Reply
Carl
Level 15

I own 25% of a small business, does this affect my taxes and if so, which forms should I be filling out?

Since the business is registered and set up as an S-Corp, the business must complete it's own tax return. You can't even start your personal return, until that's done. As an owner of that business the S-Corp will issue you a K-1. As an employee of that same business, the S-Corp will issue you a W-2. You will need both of those forms to complete your personal tax return with. So you''ll have to wait until you have those, before you can do anything on the personal return.

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