shepherdsflock Posted February 18, 2012 Share Posted February 18, 2012 I started my bulk vending business in 2011 and this will be my first time reporting business income on my taxes. I already have my forms for sales tax, but I'm not sure what I do about the income tax part. My business is an unlicensed sole proprietorship (in my state sole proprietorships don't require a license). I'm assuming I will just report it as part of my individual income. But, can I report on my regular 1040 form, or do I need a special form for it? Link to comment Share on other sites More sharing options...
mission vending Posted February 18, 2012 Share Posted February 18, 2012 I started my bulk vending business in 2011 and this will be my first time reporting business income on my taxes. I already have my forms for sales tax, but I'm not sure what I do about the income tax part. My business is an unlicensed sole proprietorship (in my state sole proprietorships don't require a license). I'm assuming I will just report it as part of my individual income. But, can I report on my regular 1040 form, or do I need a special form for it? You will need to do a Schedule C- Profit or loss from business sole proprietorship Will also need Schedule SE for self-employment tax Possibly Form 4562 Depreciation and amortization if you are depreciating equipment instead of expensing it. Link to comment Share on other sites More sharing options...
AngryChris Posted February 19, 2012 Share Posted February 19, 2012 I don't believe the self-employment form is necessary if you aren't paying yourself anything from the business. My accountant never mentioned anything like that to me but that's probably because I don't get paid! Which reminds me.... anyone hiring? I have quite a few skills such as stocking vending machines as well as fixing them. Just show me your best account and I will make sure they are super happy by whatever means necessary, especially if you haven't been keeping them very happy! Link to comment Share on other sites More sharing options...
dogcow Posted February 20, 2012 Share Posted February 20, 2012 if you arent sure, go see a professional tax preparer, even if you are sure, you probably arent getting the refund you could be. you need to see someone who specializes in small biz and/or 1099 income,they know how to minimize your liability. dont go to H&R block or athat type of place. if need be ask one of your locations who they use. Link to comment Share on other sites More sharing options...
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