Other Business Forms

List of various other business forms that you may be required to file with the IRS: General Business Expenses Form 1040 Schedule C, Profit or Loss From Business (Sole Proprietorship) (PDF), Instructions Form 1040 Schedule F, Profit or Loss From Farming (PDF), Instructions Form 1065, U.S. Return of Partnership Income (PDF), Instructions Form 1120, U.S. Corporation Income Tax Return (PDF), Instructions Form 1120-S, U.S. Income Tax Return for an S Corporation ...

S Corporation Tax Forms

If your web business is a Corporation (S-Corporation) use the forms below to file taxes with the IRS: Chart 1 - S Corporation If you are an S corporation then you may be liable for... Use Form... Separate Instructions... Income Tax 1120S (PDF) 1120S Sch. K-1 (PDF) Instructions for Form 1120S (PDF) Instructions for Form 1120S Sch. K-1 (PDF) Estimated tax 1120-W (PDF) (corporation only) and 8109 Instructions for Form 1120-W (PDF) Employment taxes:  Social security and Medicare taxes ...

C-Corporation Tax Forms

If your web business is a C-Corporation use the forms below to file taxes with the IRS: If you are a C corporation you may be liable for... Use Form... Separate Instructions... Income Tax 1120, U.S. Corporation Income Tax Return (PDF) Instructions for Form 1120 U.S. Corporation Income Tax Return (PDF) Estimated tax 1120-W, Estimated Tax for Corporations (PDF) Instructions for Form 1120-W (PDF) Employment taxes:  Social security and Medicare taxes and income tax withholding Federal unemployment ...

Partnership Tax Forms

If your web business is a Partnership use the forms below to file your taxes with the IRS: Chart 1 (Partnership) If you are a partnership then you may be liable for... Use Form... Separate Instructions... Annual return of income 1065,U.S. Return of Partnership Income (PDF) Instructions for Form 1065 U.S. Return of Partnership Income (PDF) Employment taxes:  Social security and Medicare taxes and income tax withholding Federal unemployment (FUTA) tax Depositing employment taxes 941, Employer's ...

Sole Proprietorship Tax Forms

If your web business is a sole proprietorship use the forms below to file your taxes with the IRS: IF you are liable for: THEN use Form: Instructions: Income Tax 1040, U.S. Individual Income Tax Return (PDF) and Schedule C (Form 1040), Profit or Loss from Business(PDF) or  Schedule C-EZ (Form 1040), Net Profit from Business (PDF) Instructions for1040, U.S. Individual Income Tax Return (PDF) Instructions for Schedule C (Form 1040) (PDF) Self-employment tax Schedule ...

Home Office Deduction

As a self employed webmaster or freelancer, one deduction available to you is the home office deduction - provided your home is your principal place of business. As a webmaster, I have a small office in my house which I use exclusively for business purposes and when I'm in that room I'm working on my online business. Because I use that room exclusively for business ...

Paying Taxes on Ebay Earnings

Any profits earned on Ebay or similar auction sites is considered taxable income and faces the same Federal Income Tax, State Income Tax, and possibly Self Employment Tax that all other income is subject to. One thing worth mentioning right away though is that you only pay taxes on PROFIT, not gross sales. This means that if you're simply selling "older products", you most likely ...

Reduce Taxes by Re-Investing in your Business

As a webmaster one of the easiest ways to reduce your total tax burden is to simply re-invest your profits back into your business. Remember, every dollar you spend advertising, buying links, doing SEO work, etc is fully tax deductible as a business expense. As webmasters we all know that content is king and one of the best ways to reduce your tax burden is ...

Setting up an LLC

A Limited Liability Company (LLC) is a flexible company type and popular amongst small business owners. Setting up an LLC isn't too difficult and it's something anyone can do on their own without hiring a lawyer or purchasing a service online. Unfortunately, the steps required to set up an LLC vary state-by-state, as LLCs are registered and recognized on the state level. The only thing ...

Paying Taxes on Affiliate Earnings

Like earnings from Google Adsense and other banner networks, profits made through Commission Junction, Azoogle, and other affiliate networks / programs are considered taxable income. Any and all taxable income is subject to Federal Income Tax, State Income Tax, and most likely Self Employment Tax (This one depends on how your business is structured). Make sure to visit each of our pages on these taxes ...