Re: OT: Business Income TAX?

Posted by Jason on November 16, 2003 at 14:02:49 from (68.169.193.182):

In Reply to: OT: Business Income TAX? posted by Rod M1 on November 15, 2003 at 19:50:20:

it'll depend on what type business you setup. Corp, LLC/Partnership, or sole properiter. Sole prop will be just the same as you'd file now but with more schedules, like C or maybe F if your farming. LLC will report everything on a 1065 and then dump onto a K-1 ( kinda like a w-2). Corps file their own tax forms and pay their own taxes and you get taxes for what ever you get paid in wages. Groups like Farm Credit have seminars on changes in tax law that are very helpful if your a farmer. So go find an accountant and talk to them because this info in really too general to be of much help.

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