tax question (incorporate, mortgage, retail business, court)

[npumcrisz]

Let us say I open up s-corporation or register my business as "Doing Business As" with only 1 employee -myself.

Questions

1. At the end of the year do I have to file 2 tax forms,1 for myself and the other for my business; or do I file only 1 ?
2. Is any one of you using Turbotax "Premier" to file your taxes assuming you are self-employed and filing only 1 tax form. I understand this program is a good program ?
3. Assuming I have to file tax forms separately; could one venture with Intuit products in filing business taxes ?

[forest beekeeper]

Originally Posted by npumcrisz

Let us say I open up s-corporation or register my business as "Doing Business As" with only 1 employee -myself.

Questions

1. At the end of the year do I have to file 2 tax forms,1 for myself and the other for my business; or do I file only 1 ?
2. Is any one of you using Turbotax "Premier" to file your taxes assuming you are self-employed and filing only 1 tax form. I understand this program is a good program ?
3. Assuming I have to file tax forms separately; could one venture with Intuit products in filing business taxes ?

I file my 1040, and included with it I include a schedule 'C' for our retail business, and I include a schedule 'E' for our apartment buildings, and I include a schedule 'F' for our beehives.

Effectively three businesses, all being filed on one 1040.

Look closely at a schedule 'C', a schedule 'E', a schedule 'F'; between those three there are very few types of businesses that you can not file taxes for.

Depreciation tables, mortgage installment payments, various other things may require other specific forms attached to you 1040. But for the most part, just about any kind of business can be included.

If you look at the schedule 'C' instruction booklet [I can get you the link to download it, if you need it], on pages 8, 9, and 10 is a very long detailed listing of types of businesses that all can be filed using a Schedule 'C'.

Rooming and boarding houses, museums, gambling casinos, animal food manufacturing, charter bus industry, etc.

Also keep in mind that there is no upper limit, to how many Cs, Es, or Fs, that you can file each year all as attachments to your 1040.



We do not use any software to file our taxes.


We use CCs. Using a CC for all spending, reduces a year's receipts down to twelve monthly statements. If 99% of my annual spending is done through our CC, then I can document the entire year with those twelve monthly statements.

We do play with business ledgers, as each business activity needs to be able to show me, how it is doing.

But those ledgers are for me. I have never shown them to an auditor.

[ColoWeb]

If you open s-corporation, the above poster is wrong. As an SCorp you CANNOT do Sch. C. In addition to your 1040, you need to file a return for the S corp (1120S) with the IRS and do a Schedule K (which is what flows to the 1040).

You really need to read a lot about it from irg.gov and/or seek a professional about this.

[forest beekeeper]

Originally Posted by ColoWeb

If you open s-corporation, the above poster is wrong. As an SCorp you CANNOT ....

I read the original post:

"or register my business as "Doing Business As" with only 1 employee -myself."

To be asking for our thoughts of the options facing him with either course of action. Whether to incorporate, or to just do business as himself.

I answered with examples form my own tax situation of how I handle various businesses using a 1040.

Without the need to incorporate.

[ColoWeb]

forest beekeeper,
I read your post too. You are right but but did not say you were or were not an s-corp. You just said this is how I file. For someone who does not know about it (they are asking about it), I made a clarification that what you posted is not for an S-Corp.

[Padgett2]

Would he have to be concerned about a fiscal year ending for his business return that would be different from Dec 31 for his personal taxes?

[ColoWeb]

Fiscal year can be different but the general deadline for partnerships and Corp. is March 15th. An extension is available as many corp.s are ending their year in Feb to account for holiday returns in Jan. The taxes, however, needs still to be paid on time (so one must have a really good estimate on what the final numbers will be).

[truckingbronco]

Talk to your CPA. The IRS won't accept "I heard it on a forum" as an excuse if you make a mistake.

[forest beekeeper]

Originally Posted by truckingbronco

Talk to your CPA. The IRS won't accept "I heard it on a forum" as an excuse if you make a mistake.

LOL

True.

But they will take high-lighted passages read to them from a pub 17. Which I have done.

[npumcrisz]

Okay let's see if I understand this clearly

1. In corporating as an S-corp I would have to file my business taxes and personal taxes different and of course separately.
2. Don't in corporate ie register my business in the local court as DBA. Then I have the opportunity to file my personal taxes including my business taxes under whatever schedule ( C, D or whatever) it fall under.

Am I right up to this point?