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Can I File My 2011 Taxes On Turbotax

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Can I File My 2011 Taxes On Turbotax

Can i file my 2011 taxes on turbotax Index A Archer MSAs, Archer MSAs, Employment taxes. Can i file my 2011 taxes on turbotax Assistance (see Tax help) C Contributions to FSA, Contributions to an FSA HRA, Contributions to an HRA HSA, Contributions to an HSA MSA, Contributions to an MSA D Death of HSA holder, Death of HSA Holder MSA holder, Death of the Archer MSA Holder Distributions from FSA, Distributions From an FSA HRA, Distributions From an HRA HSA, Distributions From an HSA MSA, Distributions From an MSA E Employer participation FSA, Employer Participation HRA, Employer Participation HSA, Employer Participation MSA, Employer Participation F Flexible Spending Arrangements Grace Period, Health FSA – grace period. Can i file my 2011 taxes on turbotax Flexible spending arrangements, Flexible Spending Arrangements (FSAs), Employer Participation Balance in, Balance in an FSA Contributions to, Contributions to an FSA Distributions from, Distributions From an FSA Qualifying for, Qualifying for an FSA When to contribute, When To Contribute Form 5329, Excess contributions. Can i file my 2011 taxes on turbotax , Excess contributions. Can i file my 2011 taxes on turbotax 5498–SA, Form 8889. Can i file my 2011 taxes on turbotax , Reporting Contributions on Your Return 8853, Additional tax. Can i file my 2011 taxes on turbotax , Filing Form 8853 8889, Form 8889. Can i file my 2011 taxes on turbotax , Additional tax. Can i file my 2011 taxes on turbotax , Filing Form 8889 Free tax services, Free help with your tax return. Can i file my 2011 taxes on turbotax H Health plans, high deductible, High deductible health plan (HDHP). Can i file my 2011 taxes on turbotax , High deductible health plan (HDHP). Can i file my 2011 taxes on turbotax Health reimbursement arrangements, Health Reimbursement Arrangements (HRAs), Employer Participation Balance in, Balance in an HRA Contributions to, Contributions to an HRA Distributions from, Distributions From an HRA Qualifying for, Qualifying for an HRA Health savings accounts, Health Savings Accounts (HSAs), Employment taxes. Can i file my 2011 taxes on turbotax Balance in, Balance in an HSA Contributions to, Contributions to an HSA Deemed distributions, Deemed distributions from HSAs. Can i file my 2011 taxes on turbotax Distributions from, Distributions From an HSA Last-month rule, Last-month rule. Can i file my 2011 taxes on turbotax Partnerships, Reporting Contributions on Your Return Qualifying for, Qualifying for an HSA Rollovers, Rollovers S corporations, Reporting Contributions on Your Return When to contribute, When To Contribute Help (see Tax help) High deductible health plan, High deductible health plan (HDHP). Can i file my 2011 taxes on turbotax , High deductible health plan (HDHP). Can i file my 2011 taxes on turbotax M Medical expenses, qualified, Qualified medical expenses. Can i file my 2011 taxes on turbotax , Qualified medical expenses. Can i file my 2011 taxes on turbotax , Qualified medical expenses. Can i file my 2011 taxes on turbotax , Qualified medical expenses. Can i file my 2011 taxes on turbotax Medical savings accounts, Medical Savings Accounts (MSAs), Medicare Advantage MSAs Balance in, Balance in an Archer MSA Contributions to, Contributions to an MSA Deemed distributions, Deemed distributions from Archer MSAs. Can i file my 2011 taxes on turbotax Distributions from, Distributions From an MSA Medicare Advantage MSAs, Medicare Advantage MSAs Qualifying for, Qualifying for an Archer MSA When to contribute, When To Contribute Medicare Advantage MSAs, Medicare Advantage MSAs P Preventive care, High deductible health plan (HDHP). Can i file my 2011 taxes on turbotax Publications (see Tax help) Q Qualified HSA funding distribution, Qualified HSA funding distribution. Can i file my 2011 taxes on turbotax T Tax help, How To Get Tax Help Testing period Last-month rule, Testing period. Can i file my 2011 taxes on turbotax Qualified HSA funding distribution, Funding distribution – testing period. Can i file my 2011 taxes on turbotax TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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Self-Employed Individuals Tax Center

Who is Self-Employed?

Generally, you are self-employed if any of the following apply to you.

What are My Self-Employed Tax Obligations?

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In general, anytime the wording "self-employment tax" is used, it only refers to Social Security and Medicare taxes and not any other tax (like income tax).

Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. If your expenses are more than your income, the difference is a net loss. You usually can deduct your loss from gross income on page 1 of Form 1040. But in some situations your loss is limited. See Pub. 334, Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) for more information.

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions (PDF).

How Do I Make My Quarterly Payments?

Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Form 1040-ES, Estimated Tax for Individuals (PDF), is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040. You will need your prior year’s annual tax return in order to fill out Form 1040-ES.

Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax.

Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS). If this is your first year being self-employed, you will need to estimate the amount of income you expect to earn for the year. If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated taxes for the next quarter.

See the Estimated Taxes page for more information. The Self-Employment Tax page has more information on Social Security and Medicare taxes.

How Do I File My Annual Return?

To file your annual tax return, you will need to use Schedule C (PDF) or Schedule C-EZ (PDF) to report your income or loss from a business you operated or a profession you practiced as a sole proprietor. Schedule C Instructions (PDF) may be helpful in filling out this form.

Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C. To find out if you can use Schedule C-EZ, see the instructions in the Schedule C-EZ form.

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax (PDF). Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year. The Instructions (PDF) for Schedule SE may be helpful in filing out the form.

Business Structures

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Visit the Business Structures page to learn more about each type of entity and what forms to file.

Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.

Husband and Wife Business - What is a Qualified Joint Venture?

Husband and Wife Business
The employment tax requirements for family employees may vary from those that apply to other employees. On this page we point out some issues to consider when operating a husband and wife business.

Election for Husband and Wife Unincorporated Businesses
For tax years beginning after December 31, 2006, the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28) provides that a "qualified joint venture," whose only members are a husband and wife filing a joint return, can elect not to be treated as a partnership for Federal tax purposes.

Considering a Tax Professional

Tips for Choosing a Tax Return Preparer

Online Learning Tools

The Small Business Taxes: The Virtual Workshop is composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities. The IRS Video Portal contains video and audio presentations on topics of interest to small businesses, individuals and tax professionals.

Page Last Reviewed or Updated: 04-Mar-2014

The Can I File My 2011 Taxes On Turbotax

Can i file my 2011 taxes on turbotax Index A Abandonments, Abandonments Annuities, Insurance Policies and Annuities Asset classification Capital, Capital Assets Noncapital, Noncapital Assets Assistance (see Tax help) Assumption of liabilities, Assumption of liabilities. Can i file my 2011 taxes on turbotax , Liabilities. Can i file my 2011 taxes on turbotax B Basis Adjusted, Adjusted basis. Can i file my 2011 taxes on turbotax Original, Basis. Can i file my 2011 taxes on turbotax Bonds, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury Notes or Bonds Business, sold, Sale of a Business C Canceled Debt, Cancellation of debt. Can i file my 2011 taxes on turbotax Lease, Cancellation of a lease. Can i file my 2011 taxes on turbotax Real property sale, Canceling a sale of real property. Can i file my 2011 taxes on turbotax Capital assets defined, Capital Assets Capital gains and losses Figuring, Long and Short Term Holding period, Holding period. Can i file my 2011 taxes on turbotax Long term, Long and Short Term Short term, Long and Short Term Treatment of capital losses, Treatment of Capital Losses Casualties, Section 1231 transactions. Can i file my 2011 taxes on turbotax Charitable organization Bargain sale to, Bargain sales to charity. Can i file my 2011 taxes on turbotax , Bargain sale to charity. Can i file my 2011 taxes on turbotax Gift to, Gift to charitable organization. Can i file my 2011 taxes on turbotax Classes of assets, Classes of assets. Can i file my 2011 taxes on turbotax Coal, Coal and Iron Ore Coins, Precious Metals and Stones, Stamps, and Coins Comments, Comments and suggestions. Can i file my 2011 taxes on turbotax Commodities derivative financial instruments, Commodities derivative financial instrument. Can i file my 2011 taxes on turbotax Condemnations, Condemnations, Section 1231 transactions. Can i file my 2011 taxes on turbotax Conversion transactions, Conversion Transactions Copyrights, Copyright. Can i file my 2011 taxes on turbotax , Copyrights. Can i file my 2011 taxes on turbotax Covenant not to compete, Covenant not to compete. Can i file my 2011 taxes on turbotax D Debt cancellation, Cancellation of debt. Can i file my 2011 taxes on turbotax , Cancellation of debt. Can i file my 2011 taxes on turbotax Deferred exchange, Deferred Exchange Depreciable property Real, Depreciable real property. Can i file my 2011 taxes on turbotax Records, Depreciation Recapture Section 1245, Section 1245 property defined. Can i file my 2011 taxes on turbotax , Like-Kind Exchanges and Involuntary Conversions Section 1250, Section 1250 property defined. Can i file my 2011 taxes on turbotax Depreciation recapture Personal property, Section 1245 Property Real property, Section 1250 property defined. Can i file my 2011 taxes on turbotax E Easement, Easement. Can i file my 2011 taxes on turbotax Exchanges Deferred, Deferred Exchange Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges, Like-Kind Exchanges and Involuntary Conversions Nontaxable, Nontaxable Exchanges Related persons, Related persons. Can i file my 2011 taxes on turbotax U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury notes or bonds, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury Notes or Bonds F Fair market value, Fair market value. Can i file my 2011 taxes on turbotax Foreclosure, Foreclosures and Repossessions Form 1040 (Sch. Can i file my 2011 taxes on turbotax D), Schedule D and Form 8949 1099-A, Forms 1099-A and 1099-C. Can i file my 2011 taxes on turbotax , Forms 1099-A and 1099-C. Can i file my 2011 taxes on turbotax 1099-B, Form 1099-B. Can i file my 2011 taxes on turbotax 1099-C, Forms 1099-A and 1099-C. Can i file my 2011 taxes on turbotax , Forms 1099-A and 1099-C. Can i file my 2011 taxes on turbotax 1099-S, Form 1099-S. Can i file my 2011 taxes on turbotax 4797, Business property. Can i file my 2011 taxes on turbotax , Reporting the exchange. Can i file my 2011 taxes on turbotax , Form 4797 8594, Reporting requirement. Can i file my 2011 taxes on turbotax 8824, Reporting the exchange. Can i file my 2011 taxes on turbotax 8949, Forms to file. Can i file my 2011 taxes on turbotax , Personal-use property. Can i file my 2011 taxes on turbotax , Reporting the exchange. Can i file my 2011 taxes on turbotax , More information. Can i file my 2011 taxes on turbotax , Timber, Introduction, Form 1099-B. Can i file my 2011 taxes on turbotax , Personal-use property. Can i file my 2011 taxes on turbotax , Mark-to-market election. Can i file my 2011 taxes on turbotax Franchise, Franchise, Trademark, or Trade Name Free tax services, Free help with your tax return. Can i file my 2011 taxes on turbotax G Gains and losses Bargain sale, Bargain Sale Business property, Ordinary or Capital Gain or Loss for Business Property Defined, Gain or Loss From Sales and Exchanges Form 4797, Form 4797 Ordinary or capital, Ordinary or Capital Gain or Loss Property changed to business or rental use, Property Changed to Business or Rental Use Property used partly for rental, Property Used Partly for Business or Rental Reporting, Reporting Gains and Losses Gifts of property, Gifts, Gift. Can i file my 2011 taxes on turbotax Gold, Precious Metals and Stones, Stamps, and Coins H Hedging transactions, Hedging transaction. Can i file my 2011 taxes on turbotax Help (see Tax help) Holding period, Holding period. Can i file my 2011 taxes on turbotax Housing, low income, Low-income housing. Can i file my 2011 taxes on turbotax , Low-Income Housing With Two or More Elements I Indirect ownership of stock, Ownership of stock or partnership interests. Can i file my 2011 taxes on turbotax Information returns, Information Returns Inherited property, Inherited property. Can i file my 2011 taxes on turbotax Installment sales, Installment Sales, Installment sale. Can i file my 2011 taxes on turbotax Insurance policies, Insurance Policies and Annuities Intangible property, Dispositions of Intangible Property Involuntary conversion Defined, Involuntary Conversions Depreciable property, Like-Kind Exchanges and Involuntary Conversions Iron ore, Coal and Iron Ore L Land Release of restriction, Release of restriction on land. Can i file my 2011 taxes on turbotax Subdivision, Subdivision of Land Lease, cancellation of, Cancellation of a lease. Can i file my 2011 taxes on turbotax Liabilities, assumption, Liabilities. Can i file my 2011 taxes on turbotax Like-kind exchanges Deferred, Deferred Exchange Liabilities, assumed, Assumption of liabilities. Can i file my 2011 taxes on turbotax Like-class property, Like-Kind Property Like-kind property, Like-Kind Property Multiple parties, Multiple-party transactions. Can i file my 2011 taxes on turbotax Multiple property, Multiple Property Exchanges Partnership interests, Partnership Interests Qualifying property, Qualifying Property Related persons, Like-Kind Exchanges Between Related Persons Low-income housing, Low-income housing. Can i file my 2011 taxes on turbotax M Multiple property exchanges, Multiple Property Exchanges N Noncapital assets defined, Noncapital Assets Nontaxable exchanges Like-kind, Like-Kind Exchanges Other nontaxable exchanges, Other Nontaxable Exchanges Partially, Partially Nontaxable Exchanges Property exchanged for stock, Property Exchanged for Stock Notes, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury Notes or Bonds O Ordinary or capital gain, Ordinary or Capital Gain or Loss P Partially nontaxable exchanges, Partially Nontaxable Exchanges Partnership Controlled, Controlled partnership transaction. Can i file my 2011 taxes on turbotax Related persons, Related persons. Can i file my 2011 taxes on turbotax , Controlled entity. Can i file my 2011 taxes on turbotax Sale or exchange of interest, Partnership Interests, Partnership interests. Can i file my 2011 taxes on turbotax , Partnership interests. Can i file my 2011 taxes on turbotax Patents, Patents Personal property Depreciable, Like-Kind Exchanges and Involuntary Conversions Gains and losses, Personal-use property. Can i file my 2011 taxes on turbotax Transfer at death, Transfers at Death Precious metals and stones, Precious Metals and Stones, Stamps, and Coins Property used partly for business or rental, Property Used Partly for Business or Rental, Part business or rental. Can i file my 2011 taxes on turbotax Publications (see Tax help) Publicly traded securities, rollover of gain from, Rollover of Gain From Publicly Traded Securities R Real property Depreciable, Depreciable real property. Can i file my 2011 taxes on turbotax Transfer at death, Transfers at Death Related persons, Sales and Exchanges Between Related Persons Condemned property replacement, bought from, Buying replacement property from a related person. Can i file my 2011 taxes on turbotax Gain on sale of property, Sales and Exchanges Between Related Persons Like-kind exchanges between, Like-Kind Exchanges Between Related Persons List, Related persons. Can i file my 2011 taxes on turbotax Loss on sale of property, Nondeductible Loss Patent transferred to, Related persons. Can i file my 2011 taxes on turbotax Replacement property, Replacement property. Can i file my 2011 taxes on turbotax , Replacement property to be produced. Can i file my 2011 taxes on turbotax Repossession, Foreclosures and Repossessions, Repossession. Can i file my 2011 taxes on turbotax Residual method, sale of business, Residual method. Can i file my 2011 taxes on turbotax Rollover of gain, Rollover of Gain From Publicly Traded Securities S Sale of a business, Sale of a Business Sales Bargain, charitable organization, Bargain sales to charity. Can i file my 2011 taxes on turbotax , Bargain sale to charity. Can i file my 2011 taxes on turbotax Installment, Installment Sales, Installment sale. Can i file my 2011 taxes on turbotax Property changed to business or rental use, Property Changed to Business or Rental Use Related persons, Sales and Exchanges Between Related Persons, Related persons. Can i file my 2011 taxes on turbotax Section 1231 gains and losses, Section 1231 Gains and Losses Section 1245 property Defined, Section 1245 Property Gain, ordinary income, Gain Treated as Ordinary Income Multiple asset accounts, Multiple asset accounts. Can i file my 2011 taxes on turbotax Section 1250 property Additional depreciation, Additional Depreciation Defined, Section 1250 property defined. Can i file my 2011 taxes on turbotax Foreclosure, Foreclosure. Can i file my 2011 taxes on turbotax Gain, ordinary income, Gain Treated as Ordinary Income Nonresidential, Nonresidential real property. Can i file my 2011 taxes on turbotax Residential, Residential rental property. Can i file my 2011 taxes on turbotax Section 197 intangibles, Section 197 Intangibles Severance damages, Severance damages. Can i file my 2011 taxes on turbotax Silver, Precious Metals and Stones, Stamps, and Coins Small business stock, Gains on Sales of Qualified Small Business Stock Specialized small business investment company (SSBIC), rollover of gain into, Rollover of Gain From Publicly Traded Securities Stamps, Precious Metals and Stones, Stamps, and Coins Stock Capital asset, Capital Assets Controlling interest, corporation, Controlling interest in a corporation. Can i file my 2011 taxes on turbotax Indirect ownership, Ownership of stock or partnership interests. Can i file my 2011 taxes on turbotax Property exchanged for, Property Exchanged for Stock Publicly traded securities, Rollover of Gain From Publicly Traded Securities Small business, Gains on Sales of Qualified Small Business Stock Suggestions, Comments and suggestions. Can i file my 2011 taxes on turbotax T Tax help, How To Get Tax Help Tax rates, capital gain, Capital Gains Tax Rates Thefts, Section 1231 transactions. Can i file my 2011 taxes on turbotax Timber, Timber, Section 1231 transactions. Can i file my 2011 taxes on turbotax Trade name, Franchise, Trademark, or Trade Name Trademark, Franchise, Trademark, or Trade Name Transfers to spouse, Transfers to Spouse U U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury bonds, U. Can i file my 2011 taxes on turbotax S. Can i file my 2011 taxes on turbotax Treasury Notes or Bonds Unharvested crops, Section 1231 transactions. Can i file my 2011 taxes on turbotax Prev  Up     Home   More Online Publications