Schedule C

[Frank]

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

 

[mytax]

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?

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

 

[Arthur L. Rubin]

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?

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.

Would adding the Sch. C and other forms for 2003 change the
numbers on 2004 taxes?

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.