2011/03/03

If you own a small business, do you have to file two sets of tax returns? | Business Tax Returns

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Question by EdgeNinja: If you own a little organization, do you have to file two sets of tax returns?
I’m hoping to start my individual little company. I know that proudly owning a enterprise needs you to file quarterly tax returns, but my buddy claims that in addition to enterprise tax returns, you’re also required to file the regular annual personal tax return as well. Is this genuine or not?

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Answer by griffin_art_layout
You do file for by yourself (personalized) and your business. It’s not as hard as it seams however. You can use a web site like www.turbotax.com that will handle both of them quickly for you.

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Tags: business tax returns, personal tax return, quarterly tax returns, Tax Refunds.

Filed under Business Tax Returns by taxrefunds on Mar 3rd, 2011. Comment. #

Comments on If you own a small business, do you have to file two sets of tax returns? | Business Tax Returns Leave a Comment

2011/03/03
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zeuz @ 5:02 am #

You always have to file personal tax returns. If your business is a sole proprietorship, then you are your business. Consequently, you’ll have only one tax return to file — personal.

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smithsmallbiz1 @ 5:46 am #

Quarterly tax returns are not filed for Sole Proprietors, which you can be. You may have to Pay quarterly estimated self-employment taxes, but usually not in your first year of operation when you could have a loss. But you don’t actually file anything. Also, you do not usually know what your sales will be. Come tax time you would file a Schedule C “Profit or Loss from Business” along with your 1040. I suggest you check out the irs and read their info on small business. http://www.irs.gov

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gustavo6723 @ 6:16 am #

Contact your nearest office of Internal Revenue Service – Taxpayer Assistance Division. Not only can they answer your questions,but they also have free literature on the subject.

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