Hello Group! I am the sole proprietor not incorporated and I was hoping to get some input from other sole proprietors. I am doing my own taxes and was wondering; in the section in the Schedule C Tax form section A at the very top of the form what code is for our “Principal business or profession” is.
Any tips? I don’t want to pay for a CPA when I can do the taxes myself. Should be pretty easy, but the codes listed on the IRS site does not list our specific profession. Also what program do you use if any? Why do you like that program. Looking for pros and cons.
Hey there! so the code for principle business can be 541120 or 541199. You can verify that through NAICS & SIC Identification Tools | NAICS Association. I’m actually a tax preparer and I have used in the past FreeTaxUSA. They are the only ones that I have seen so far that is actually free for self-employed individuals. Turbotax and H&R Block are good too but you will have to pay for doing a schedule c. Also check out the IRS website for the VITA program and see if there is one in your area. Those are trained tax preparers who can do your taxes for free as long as you’re under a certain income threshold (they change every year, i think this year is 50k) and you don’t require anything that is out of scope for them (for example if you were a S-Corp).
oh yea also the deadline to file is May 17th unless you live in Texas which is June 15th. Again this is assuming you’re a regular 1099NEC not a legal entity or taxed a different way.
