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seibei · April 16th, 2007

hey guys,

So, I think I have everything covered for tax time, but can't shake this awful feeling that I'm missing something. yes, I know it is literally the last minute.

as a sole proprietorship, all of my tax stuff is just some additional forms with my personal taxes, right? I did it all through H & R Block online, and we did like a Schedule C and I gave all the costs and profits and breakdowns for the year etc, but I am sooo worried that I have to file something seperate from myself and am totally screwed.

Ugh. I don't know why I didn't think to ask here until now.

I looked at the "sole proprietorships" section of the IRS site and it listed what I need, and I'm pretty sure we did all of those with my H & R Block tax returns but DANG I just need some reassurance or confirmation that I have indeed done something wrong.

thanks in advance.

badalou · April 16th, 2007

If you did a schedule c then you should have asked answered every line on the form.. If ythis is new business then you need to know that you can take all your equipment cost and deduct it the first year or you can amoritize it over a period of years. did you do that? Did you have inventory and did you take a inventory at the end of the year to figure your supply cost?

seibei · April 16th, 2007

I don't actually own any of the equipment; I use someone else's free of charge.

and yes I did the inventory thing, though the "end of year inventory" was a rough estimate.

seibei · April 16th, 2007

PS - thank you.

binki · April 16th, 2007

if you filed a schedule c then you should be alright. you can always file an extension and send in your estimated tax liability. this will get you up until september 15th to file.

badalou · April 17th, 2007

Sounds like you did everything right then. Did you make any money...

prometheus · April 17th, 2007

I think your just having those feelings of "Did I leave the iron on ..."

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