I purchased a small convenience store last September & want to do my own taxes this year for the first time. Which forms do I need to fill out? The store is located in Los angeles, California. Thanks in advance.
"me" wrote
What forms get used depends on the type of entity you operate the business as.
If you are a sole-proprietor, use Schedule C, which is part of the Form 1040 series that you file with your personal return. There are dozens of other forms or schedules that you'll probably need, Schedule SE, Form 4562, etc that relate to expenses and deductions, or additional taxes, that you need to also include.
If you are a partnership, use Form 1065 and the related forms and schedules. If you are a corporation who has elected "S" status, use Form 1120S and related forms and schedules. Both the above would have implications to your personal returns as well, as the profit/loss flows to your 1040.
If you are a regular corporation, use Form 1120 and the related forms and schedules.
I don't think it'll sink in - but you ~~NEED~~ to find some help this year. So seek out a local CPA or EA to prepare your tax returns, give the business the "once over" to see what else you need to do (local and state tax issues are often not cleanly covered in a forum like this).
You'll have to pay for their help, but it'll save you tons of grief, possibly penalties and interest, etc and so on. They'll possibly help you become more profitable.
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