No, but you may want to, especially if you have any prior year benefits available to maintain.
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
You are required to report ALL of your income, even barter income, regardless of the amount. For each of your different businesses (if you have more than 1), you would file a separate Schedule C and Schedule SE. If you have more than $400 NET income from your schedule C, then it is Self-Employment taxable. Self-employment tax is merely both sides of FICA (aka social security/medicare); employee AND employer. Any net income (or loss) from the Schedule C is then reported on the first page of the 1040. All of your income and loss (W-2, 1099-INT/Div, Stock Sales, Business/Schedule C, Rental/Schedule E, etc) are added together to determine your AGI. Then your exemptions and deductions (standard or itemized) are factored in to give you your taxable income.
Sales can be calculated by using net income percentage because net income is always reported as a percentage of sales. For exmaple net income of 20 is a 20% of sales so sales will be as follows: 20% sales = net income Sales = Net income / 20 * 100 Sales = 20 /20 * 100 = 100 So Sales = 100
I don't believe that any state has VAT. To answer your question, no VAT is not deductible as Sales Tax on Schedule A of the 1040 Form.
Sales tax is deductible as an itemized deduction (Schedule A), however you can deduct EITHER: -Sales Tax Paid -State income taxes paid Obviously you would want to deduct whichever is higher. This deduction can be very beneficial to people living in states that do not have an income tax, such as Florida.
Net Sales is sales less sales returns and cost of sales is all the direct expenses and overhead applied to whatever type of business you are talking about. Don't confuse Net Sales with Net Income (which is the bottom line of a business's income statement)
since income is arise out of sales we made during the year.
Net income = Net Sales - Expenses (the cost of doing business)
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
Net income is the income of a business after deducting taxes and other current liabilities. It is sales - Expenses.
You are required to report ALL of your income, even barter income, regardless of the amount. For each of your different businesses (if you have more than 1), you would file a separate Schedule C and Schedule SE. If you have more than $400 NET income from your schedule C, then it is Self-Employment taxable. Self-employment tax is merely both sides of FICA (aka social security/medicare); employee AND employer. Any net income (or loss) from the Schedule C is then reported on the first page of the 1040. All of your income and loss (W-2, 1099-INT/Div, Stock Sales, Business/Schedule C, Rental/Schedule E, etc) are added together to determine your AGI. Then your exemptions and deductions (standard or itemized) are factored in to give you your taxable income.
You are required to report ALL of your income, even barter income, regardless of the amount. For each of your different businesses (if you have more than 1), you would file a separate Schedule C and Schedule SE. If you have more than $400 NET income from your schedule C, then it is Self-Employment taxable. Self-employment tax is merely both sides of FICA (aka social security/medicare); employee AND employer. Any net income (or loss) from the Schedule C is then reported on the first page of the 1040. All of your income and loss (W-2, 1099-INT/Div, Stock Sales, Business/Schedule C, Rental/Schedule E, etc) are added together to determine your AGI. Then your exemptions and deductions (standard or itemized) are factored in to give you your taxable income.
In business, an operating margin is the revenue of a business minus the operating expenses. It is the ratio of operating income divided by net sales.
Income as a direct affect on business. the purchasing power of an individual depends upon his/her disposable income (income-taxes). when income is more they will purchase more and vice verse. So when the aggregate income of the people will fall, the demand for the products and services will decrease which will in turn result in low sales as well as profit of a business.
It is their job to get sales leads for the business. They will schedule appointments to help the customers get the products they want.
Sales can be calculated by using net income percentage because net income is always reported as a percentage of sales. For exmaple net income of 20 is a 20% of sales so sales will be as follows: 20% sales = net income Sales = Net income / 20 * 100 Sales = 20 /20 * 100 = 100 So Sales = 100
I don't believe that any state has VAT. To answer your question, no VAT is not deductible as Sales Tax on Schedule A of the 1040 Form.