Gaizer.com Tips for Business Start-ups

Owners of sole proprietorships need to add IRS Schedule C, “Profit or Loss from Business,” to their personal tax return. Some owners opt for IRS Schedule C-EZ, “Net Profit from Business,” form instead.
 
Sole proprietors are also responsible for the Social Security and Medicare taxes for employer and employees. The owner needs to fill out IRS Schedule SE, “Self-Employment Tax.”

Some businesses need to fill out specialized forms. Owners of real estate who do not operate as a real estate business fill out Schedule E, “Supplemental Income and Loss”. Make sure you find out if your business will require a specialized tax form.

What follows is a partial list of the forms you may need for your business. Confer with your tax professional for details:

· Form 1040: Individual Income Tax Return
· Schedule C: Profit or Loss from Business (or Schedule C-EZ: Net Profit from Business)
· Schedule SE: Self-Employment Tax
· Form 1040-ES: Estimated Tax for Individuals
· Form 4562: Depreciation and Amortization
· Form 8829: Expenses for Business Use of Your Home

Employment Tax Forms, for more information go to:

http://www.irs.gov/businesses/small/article/0,,id=99194,00.html