Schedule C

Mar 12, 2005 2 Replies

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Frank 21 years ago

Last year I messed up on my return and didn't do a Schedule C when I was suppose to. I made about $1500 doing side jobs and claimed it on my taxes as misc. income instead of doing the Schedule C and the other forms (and paying my portion of self employment tax). I plan of fixing that return this year. I still haven't filed my 2004 taxes yet. Do I need to fix the 2003 return before sending out my 2004 return? Would adding the Sch. C and other forms for 2003 change the numbers on 2004 taxes? Thanks for your help, Frank

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mytax 21 years ago

You do not need to amend your 2003 before you file your

2004. Do amend your 2003 soon. Changing the 2003 figures will have nothing to do with 2004. *Do not* send the two returns in the same envelope. Missy Doyle

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Arthur L. Rubin 21 years ago

No. However, you will be charged interest on (essentially) the amount of additional payment due, counting back to April

2004, so it may be a good idea to get it doen quickly.

Probably not. If you have depreciation or amortizations of expenses from 2003, you'll need to calcuate those before filling out the corresponding 2004 forms.

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