Get the Right Tax Form

I've recently received inquiries for more tax-related posts for entrepreneurs, so you may see a series of a few tax-related posts here on NickVenturella.com.

Disclaimer:  I am not a tax professional or an accountant.  If you have specific tax questions I recommend you speak with a tax professional.

If you don't know, tax form 1040 is what you complete to show your annual income for tax purposes.  It's important that you understand what tax forms you'll need even if you use an accountant to complete your taxes (you should always have an understanding about your tax responsibilities even if you're outsourcing the work).

There are several versions of the 1040 form.  There is the regular 1040, the 1040 EZ, Schedule C (form 1040), Schedule C EZ (form 1040), and several others.

If you're a sole proprietor, like me, you can use Schedule C of the 1040 form.  In this scenario, you're basically claiming your business income on the same tax forms as your personal income.  This makes it easy if your business structure, like a sole proprietorship, isn't too complex.

There are various advantages and disadvantages of different business structures and the tax form options available to accurately calculate and submit your taxes.  It's a good idea to read up on what may be best for you and your business.  You certainly can reference IRS.gov - the official government website of the Internal Revenue Service.  If you can afford to, you may want to consult an accountant or tax professional, if for no other reason than to simply ask some questions to which you can quickly get answers.

However, if you simply need to know where to get the 1040 forms for 2014-2015 along with the 1040 instructions, you can check out the above link. 


Posted by: Nick Venturella

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