1. Sharon asks…
Do I have to file taxes for 2011?
My total earnings for 2011 are $5274.40. Last year my tax person said I did not make enough to
file. My total earnings were lower in 2010 than what I made in 2011 Do I need to file this year? I
was exempt from federal and state so I will not get anything back nor will I have to pay anything.
I used TurboTax 2011 tax calculator.
A Zon answers:
Self employed income income YES schedule C and SE of the 1040 income tax return and pay
your social security and your medicare taxes on your NET profit from your business operation.
W-2 income wages salary from an employer as an employee and no $ amount is shown in the
Box 2 of your W-2 form and IF you did not have any other world wide income from other
sources with only the 5274 amount in the box 1 of your W-2 form NO you would not be required
to fill out and file a 2011 1040 income tax return during the 2012 tax filing season.
Hope that you find the above enclosed information useful. 03/19/2012
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2. Laura asks…
Help doing taxes for small business?
I’m looking to open a online boutique. How do I go as far as doing my taxes. I already know I
need to keep all my receipts for my business but when tax time come can i do my taxes online
at like TurboTax . I’m a sole owner so I know I can just file with my regular taxes, can I do it
with turbotax or will I need professional help? I live in OH and I’m only expecting to make a
couple sales a day. I’m expecting my company to be really small. 10 points to whoever give me
the best info
A Zon answers:
If you are astute enough to keep your own records of income and expenses you can surely
complete a Sch C and a Sch SE, these forms are at www.irs.gov, current 2012?s may not be
there yet
but those forms change very little from year to year
and you can free efile at www.irs.gov if your income does not exceed the limitations there–likely
not
if you continue this thru 2013 you may want to check 1040ES(due in April) to see if you need to
prepay each quarter
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