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| *Loan,banking and credit>>>income tax |
What forms do I need to file my federal (USA)and state (Ohio) income taxes? |
I have just started an in-home,retail selling business and need to know what forms to use to report my income, and claim my expenses for it. Hello, Espy! For your federal return, you will need to report your business income and expenses on Schedule C ("Profit or Loss From Business"). Since you are running the business out of your home, you may qualify for If you have any assets that need to be depreciated, you would need to fill out Form 4562 ("Depreciation and Amortization") and carry the depreciation to Sch. C. Then, if you had a net profit on Sch. C, you would need to file Schedule SE ("Self-Employment Tax) to compute your self-employment taxes. Your Ohio IT-1040 uses the federal AGI; your federal AGI already contains the Sch. C income and OH doesn't have a self-employment tax, so there are no additional OH forms required. Hopefully the below links will help explain further if you want more information. Good luck! :-) Source(s): IRS Publication 334, Tax Guide for Small Business http://www.irs.gov/publications/p334/... IRS Publication 587, Business Use of Your Home http://www.irs.gov/publications/p587/... Schedule c or CEZ for your business |
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