Taxes and Forms

[baybbuttrkup302]

At the beginning of this year I worked full-time (36 hrs on the weekends) at a job and also did child care full-time during the week. M-F from 6:30am-Midnight/1am.

This was during the transition period of Jan-March of starting my child care business in Jan and leaving my other job in March.

So how will I file my taxes for 2011. Will I use the Schedule C for all of my self employment income from my business and my income from my previous employment. Or do I file separate taxes for each. And which forms apply to each.

I would think there is a difference since small business taxes are different from working for an employer. They're two completely separate things.

[TomCopeland]

Taxes

You will file the following forms for your child care business: Schedule C, Form 8829, Form 4562. Enter your house expenses on Form 8829 and then transfer these expenses to Schedule C. Enter your depreciation expenses on Form 4562 and then transfer these expenses to Schedule C. Enter your day care income directly onto Schedule C as well as all other business expenses. The bottom line of Schedule C represents your day care profit (or loss). Transfer this profit to Form 1040, line 12.

You will put your income from your other job on Form 1040, line 7. All other personal income and credits go on Form 1040.