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Do you still file a schedule C on your tax return if no money was made?
Wiki User
∙ 9y ago
Most of the time, no. But there are some exceptions so you deserve a more complete answer. For example, when you say you didn't make any money, do you mean that you got paid a little but spent more than you were paid? If that was the case, you might receive a 1099misc form, showing that you did earn money. That form is also reported to the IRS so if you don't file a schedule C, the IRS will send you a letter asking you to pay tax on that money.
Generally, if you had no income at all from a business, you're better off not filing a schedule C. The IRS doesn't like to see zero income schedule C forms. But, if you have an ongoing business that had expenses and you just had a bad year, it might make sense to file that form to claim your losses.
If you're starting a brand new business and you've had no income for the first year, you should probably not file the schedule C and put those expenses on your next year's return as start-up costs.
Wiki User
∙ 9y ago
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If you claim zero on your taxes will you still owe money when you file?
for best tax return claim 0 at work and when you file claim 1
If you have 3 children but no income for over a year Can you still file for taxes?
Yes you could still file a 1040 federal income tax return but if you do not meet the MUST FILE A INCOME TAX RETURN and you do NOT have any income.
What Federal Tax forms do you file as a small business owner?
In regard to payroll taxes, a small business files IRS forms 940 and 941 weekly, monthly and/or quarterly, depending on the amount of your payroll. You would also file annual W-2's and a W-3. In regard to income taxes, it depends on the nature of the business entity. If you were operating as an individual, you could report your business income and expenses on Schedule C of your personal tax return. For farming operations, you would use Schedule F. If you were considered self-employed, you might also have to file Schedule SE. If the business is incorporated, you would file a form 1120. If the corporation filed for Subchapter S status, where the profit or loss flows through to your personal return, you would file an 1120S (and a Schedule K with your personal return). Schedule E of your personal return is for Supplemental Income, and there could be a number of other supporting forms that you are also required to file.
Do you need to file a copy of Schedule K-1 when you file your federal income tax forms?
No. The Schedule K-1 [Form 1065] is used to report each partner's share of the partnership's income, deductions, credits, etc. The individual partners don't file a copy of Schedule K-1 with their return. The partnership files a copy with the IRS.
How do you file for a refund?
You file your return, like everyone else, and if you owe money you pay it and if you have a refund coming, you receive it.
If you claim zero on your taxes will you still owe money when you file?
for best tax return claim 0 at work and when you file claim 1
i forgot about my tax return and havent file it can i still file?
You can still file your tax return, however, there may be some late fees for the late filing.
Are all US citizens required to submit a tax return?
You are required to file your taxes if you make more than a certain amount of money. This amount changes yearly, but generally, mosy people have to file. Whether you get a return or have to pay taxes depends on how much tax money is taken out of each paycheck. The IRS website can give you the earnings and tax rate schedule.
If you have 3 children but no income for over a year Can you still file for taxes?
Yes you could still file a 1040 federal income tax return but if you do not meet the MUST FILE A INCOME TAX RETURN and you do NOT have any income.
Can you file a joint return when one spouse is disabled and living at a veterans home?
As long as you are still married to each other, you can file a joint return. However, it is not mandatory for married couples to file a joint return.
How do you file for a?
You file your return, like everyone else, and if you owe money you pay it and if you have a refund coming, you receive it.
What Federal Tax forms do you file as a small business owner?
In regard to payroll taxes, a small business files IRS forms 940 and 941 weekly, monthly and/or quarterly, depending on the amount of your payroll. You would also file annual W-2's and a W-3. In regard to income taxes, it depends on the nature of the business entity. If you were operating as an individual, you could report your business income and expenses on Schedule C of your personal tax return. For farming operations, you would use Schedule F. If you were considered self-employed, you might also have to file Schedule SE. If the business is incorporated, you would file a form 1120. If the corporation filed for Subchapter S status, where the profit or loss flows through to your personal return, you would file an 1120S (and a Schedule K with your personal return). Schedule E of your personal return is for Supplemental Income, and there could be a number of other supporting forms that you are also required to file.
Do you need to file a copy of Schedule K-1 when you file your federal income tax forms?
No. The Schedule K-1 [Form 1065] is used to report each partner's share of the partnership's income, deductions, credits, etc. The individual partners don't file a copy of Schedule K-1 with their return. The partnership files a copy with the IRS.
How do you file for a refund?
You file your return, like everyone else, and if you owe money you pay it and if you have a refund coming, you receive it.
How can you be returned my spend money from IRS?
File the appropriate return for the taxes you had withheld.
who has to file a return ?
Who has to file a return
Can you file taxes on money you spent in jail?
Money that you spend in jail would not be reported on your income tax return.
