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Is it a good idea to combine home business tax with w2 on one 1040 form?

Question: Is it a good idea to combine home business tax with w2 on one 1040 form?

(Posted by: Key on 2010-01-02 16:57:46)

I work as a regular employer and also operate a home business. I receive W2 from my regular employer. Can I file one tax return by combining my W2 with my home office return?


Answers:

Posted by: Joe on 2010-01-02, 17:06:16

I think you have to, actually. You report your home business income and expenses on Schedule C, while you enter the numbers from your W-2 in the usual places.

  

Posted by: Jss on 2010-01-02, 17:04:59

You do not have a choice. You file only one return reporting all your income. Home business income: You are self employed or independent contractor. You must file your tax return if your self employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040).

  

Posted by: Celina on 2010-01-02, 17:17:17

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Posted by: tro on 2010-01-02, 18:45:48

Of course you file one tax return but your self employment income is reported on Sch C and sch SE, your wages are reported on Line 7

  

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