Tax Question of the Day: Choosing the Right Tax Form

Throughout the tax season i will be answering one tax question per day.

Today's question comes from P. Cavazos in Texas. He asks, "I need to know what form to fill to do my taxes? I have my own cabinet shop (at home) and I have no employees. I work alone and did not earned that much. I will appreciate if you can get this information for me."

Since you are self-employed, you will need to file the long form, Form 1040, along with Schedule C to report your income and expenses from your home-based business. If you are reporting a profit from your business, you will also need to file Schedule SE to calculate the Self-Employment Tax.

You can find links to the most commonly requested IRS tax forms, along with plenty of tips for managing your taxes right here on About.com.

--William

Throughout the tax season I will be answering one tax question per day. Do you have a question? Visit the Ask a Tax Question page. Disagree with my answers? Post your comments in the Tax Forum.