Question
Hi our ebay business is a small business but we feel the need to file taxes. Which form number do people use for this type of business income? I could go to the IRS site but I bet some of you might have the info handy. I will try doing my own taxes sooo.. any help would be appreciated.
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"I will be voting to give the President of the United States the
authority to use force-- if necessary-- to disarm Saddam Hussein because
I believe that a deadly arsenal of weapons of mass destruction in his
hands is a real and grave threat to our security."
-Sen. John F. Kerry (D, MA),Oct. 9, 2002"
Answer
Schedule C
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Answer
Schedule C for the business activities
Schedule SE for the Self-Employment Taxes if your profit is over $400 (I think that's right)
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I list at many different sites : My Ebay Storefront and My Ioffer Storefront
Or perhaps you'd prefer to visit SYI Listings and finally My Website
Answer
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by katiyana:
Schedule C for the business activities
Schedule SE for the Self-Employment Taxes if your profit is over $400 (I think that's right)
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I list at many different sites : http://www.ebaystores.com/katiyanasc...es?RefID=store and http://www.iofferstores.com/katiyana
Or perhaps you'd prefer to visit http://216.170.14.109/syi/katiyana.htm and finally http://www.katiyana.com<HR></BLOCKQUOTE>
Quite right about the SE. The threshold has been raised to $600 now. If you use any program like TurboTax or TaxCut, when you do the schedule C it will automatically determine if you need the SE, and fill it out for you, and put the deduction for the SE paid on the right line back on the 1040. Using one of those programs is a good idea just for such reasons, and the deluxe edition of TaxCut is plenty for doing a simple small business Schedule C without buying the additional business version.
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Answer
so you are saying I can use the less expensive form of turbo tax?? Because schedule C automatically fills out SE. I think it's about $40 or something like that.. hmmm well I guess I could use ttax ..I've done my own some yrs and other yrs have taken it to a tax accountant.. never tried tt.
Thanks everyone!
***********************************
"I will be voting to give the President of the United States the
authority to use force-- if necessary-- to disarm Saddam Hussein because
I believe that a deadly arsenal of weapons of mass destruction in his
hands is a real and grave threat to our security."
-Sen. John F. Kerry (D, MA),Oct. 9, 2002"