Can you file your personal income tax and your business income tax together?

Yes IF you are a self employed taxpayer As a self employed taxpayer you would use the below information to file your 1040 federal income tax return correctly You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from Business, or you may qualify to use Form 1040, Schedule C-EZ, TO determine your Net Profit from Business. You will also need to use Form 1040, Schedule SE, Self-Employment Tax to compute and report your social security and Medicare tax For instructions and forms go to the IRS gov website and use the search box for publication 334 a very good place to start with examples Publication 463 Travel, Entertainment, Gift, and Car Expenses Use the search box at the IRS gov website for Small Business and Self-Employed Tax Center Filing Season Central is your one stop assistance center for filing your business returns. This includes ghlights of Tax Law Changes, Tax Tips, and more 2 of the seven tax tips for starting a business enclosed below 4 Good records will help you ensure successful operation of your new business.

You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes 7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business.

Go to the IRS gov website and use the search box for the below referenced material Starting A Business Operating A Business Closing A Business Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K).

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