I did a search but couldn't find what I was looking for, maybe I didn't type the words right or something. When ya'll do your tax returns, what forms do you use?

Depends on what you're doing. Income? Profit or Loss statement? FET?

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I file a Schedule C for profit or loss, put that on my 1040 under additional income, or loss. and file away! The FET is a different matter altogether and gets filed quarterly.

FET is a form 720. File one and they will come every quarter like clockwork!

It would be income and FET. So I guess I need a 720 and a Schedule C. Thanks for the responses.

Are you talking about the Sportsman tax?

Ohio Rod Builders

Canton, Ohio

Here is a copy of the FET form 720.
[www.irs.gov]. Tom also has one on record in the Library.
The schedule c is also available on the internet, as other tax forms.
FET is due quarterly, so is due the end of the following month after qtr end.
I have a business, so handle it like other quarterly items. If you do it as a home business, check with your tax preparer.
A lot of us do this. We may do it as a pt business, or link it to another existing business. We do the sales taxes, per our states requirements. Same with payroll taxes, employee witholdings, unemployment, everything.
When a person does it as a business, there may be other requirements that local and state guidelines may require.
We will guide you to the forms, but the giving of tax instructions, and directions for filing are left up to tax experts. A lot of us that have businesses, do our own books, then forward to a tax person. when there is a business with employees especially, it is always nice to have 3rd party accounting involvement. They are the experts.
good luck!

Kyle Robinson

Four hundred or more of profit on a Schedule C requires a Schedule SE to pay Self-Employment Tax. You may also need a Form 4562 for if you have any depreciable assets.



Edited 1 time(s). Last edit at 01/12/2010 03:51PM by Erik Osterby.

If a person is serious, there are a lot of catagories for expenses. Depreciations of assets is another. Supplies, advertising, a computer for information and web access, nad also for website design. I have had a couple businesses for about 12 yrs. We buy a new computer every 2 or 3 years. We have about a dozen catagories we track costs on. We also report all sales.
A business has to be legitimate to create this paperwork flow, up to and including tax prep, filing, and collecting. A person can have a sole prop. and include everything long with your regular income tax. This is what most folks do. you can creat a Corp, but no need to. No real liability here for damages. It would add a lot of extra $$ to your business venture. Now if you have a partner, it may be another idea for thought. Once again an, accountant and tax person would be a good suggestion.
These are not difficult items. Just very important if you start a business.
Everyone who owes one knows what it is like, and how to do it. Don't make the mistake some do. Decide to do it all, then give up, because it is not so easy. Then, it takes a few things to get out of it!

Kyle Robinson

I got audited last year. The emphasis was mostly on the home office. Their take was that any room claimed as a business expense MUST be used ONLY for business. The IRS eliminated the closets in two spare bedrooms that had business records stored there. Spent two and a half days with that auditor & they owed me $81.00. What a waste of everyone's time.