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Small business tax help!?

Question: Small business tax help!?

(Posted by: symbrax on 2010-08-16 22:40:02)

I recently started my own tutoring business and I now have 3 clients which I tutor a total of 12 hours a week constantly. How would I go about filing taxes on my own small business?? Also they all pay me in cash at the beginning of the month, that shouldn’t be a problem when filing taxes right?


Answers:

Posted by: tro on 2010-08-17, 09:03:14

This will be reported on Sch C and probably SE as well, to report your self employment tax, approx. 15.3% of your sch C net these are available at irs.gov to see what you need to report on these forms, along with your 1040

  

Posted by: Judy on 2010-08-16, 23:07:38

Getting paid in cash for this isn’t a problem. Keep good records of who pays you, when and how much, and of any associated expenses you have (books, supplies?) You’ll show the income and any allowable expenses on a schedule C or C-EZ, and also will need a schedule SE and form 1040, for your federal return. You probably also need to file a state return, and maybe local, depending on where you live.

  

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