I own my own business but I have an account that pays me and I get paid W-2 so do I still have to file 1099

[DanO]

Are you getting a W-2 and 1099 from the same account.

[schulcongroup]

No just w2

[schulcongroup]

No just w2

[schulcongroup]

What I’m trying to say is I own my business I have an accountant that pays me W-2 when I get ready to file my taxes do I also need to file a 1099 and self-employed expenses

[DanO]

Yes, you will want to file 1099 and deduct your expenses from self-employed business.

[schulcongroup]

When I deduct my expense from self employed do I also add income for they business

[schulcongroup]

I ask because why wages and Income is already on my w2

[DanO]

Does the w-2 show the accountant as an Employer with an EIN, is there anything in boxes - 1 thru 6.

[DanO]

Is box 13 Statutory employee checked? If so, then enter the W-2 just like a wage paid employee and TurboTax will guide you. TurboTax will ask if you have expenses, say yes and TurboTax will have a Schedule C ready when you get to expenses.

[DanO · Accepted solution]

If you receive a 1099 you would need to file it as income for your business.

The W-2 would need to be reported on your 1040 as an employee of the company that issued the W-2.

The W-2 is what an employer issues and should have accounted for federal withholding, Social Security, and Medicare. 

Any income that you receive for your business, whether by 1099, cash, check or credit card would need to be reported as self-employed on a Schedule C - Profit an Loss from Business.  If your net income is $400 or more then you would need to file a Schedule SE - Self-Employment Tax.

Both, the W-2 income and your business income and expenses would be reported on your personal 1040 income tax return.

TurboTax Live handles self-employment with all the necessary forms needed to file your business return.