1962siia
Well-known member
Yes you will!
Be sure to keep in mind the rules around mixed use (personal and business) property; for example, a vehicle that you use personally and in your business. This is also known as "listed" property. All the off the shelf software I've ever used will guide you through these rules.
Use schedule C to report your income and deductions as a sole proprietor. You will probably need to make estimated payments if you are profitable and don't forget to budget for "self employment" tax (i.e., the employer portion of social security, medicare, and certain state payroll taxes).
That what I thought! Thanks. How long can I run that schedule c at a loss before I start setting off irs red flags? Thanks again!
Daniel