Forum Thread

Filing tax as sole proprietor

whddn 5 10 March 26, 2016 at 05:50 PM
Deal
Score
0
1,385 Views

Thread Details

I need some help here. I stared my business last year and had negative income.
Do I need to pay to file my taxes by using tax software like taxact and file as business sole proprietor? or can I just use the free file form ? Thank you

4 Comments

1

Sign up for a Slickdeals account to remove this ad.

#2
Depends on your business and what if any income and type of deductions you have. I am not a fan of sole proprietorships as they do not offer corporate liability protection, but that is besides the point . Unless it is a very simple type of thing, one should consult with a tax pro before trying to do it yourself via some tax program imo lest you lose some deduction, depreciation, etc. It really is not worth the trouble and aggravation to deal with it on your own via fed, state and local tax filings to save 200-400 dollars on a tax prep fee (which gets written off as well) imo unless you have a very simple type of business. My 2 cents.
Reply Helpful Comment? 0 0
Joined Mar 2016
New User
5 Posts
10 Reputation
Original Poster
#3
Quote from YanksIn2009 View Post :
Depends on your business and what if any income and type of deductions you have. I am not a fan of sole proprietorships as they do not offer corporate liability protection, but that is besides the point . Unless it is a very simple type of thing, one should consult with a tax pro before trying to do it yourself via some tax program imo lest you lose some deduction, depreciation, etc. It really is not worth the trouble and aggravation to deal with it on your own via fed, state and local tax filings to save 200-400 dollars on a tax prep fee (which gets written off as well) imo unless you have a very simple type of business. My 2 cents.
Yes very simple at the moment with a lot of expenses. I Currently work from home as well.
Reply Helpful Comment? 0 0
Joined Jan 2006
Master of My Domain
4,140 Posts
864 Reputation
#4
In the interest of keeping it simple, Turbo Tax can handle sole proprietorships with ease. I don't know what the laws of your state are, but here there are additional forms for businesses that are required regardless of whether you made little or no profit.
Reply Helpful Comment? 0 0
As the username says ...
#5
Here's a good read for you: https://turbotax.intuit.com/tax-t...12031.html

You probably need to file Schedule C with your taxes. Any of the online/download tax prep software packages will do this for you if you tell it you had business activity to report. You may, however, need a particular version of the software depending on which brand you use. If you use the online versions you can try it out before paying for the software and filing anyway.
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard