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Do I file my personal tax together with my business tax?

educatedhawkins

I opened my business in 2020 and never sold anything but now I am set up to sell online. I want to make sure I file correctly.

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liveevent24

Accepted answers

JulieO

Hi Educatedhawkins,

Thanks for the question.

If your business is a sole proprietorship or a single member LLC then yes, you report the income and expenses for the business on your personal tax return. You would report this on a Schedule C. The menu path for this in the software is Income>Business Income-Schedule C.

If the business is structured as something other than a sole proprietorship or single member LLC (for example a multiple member LLC, S-Corp, etc) then the business files its own tax return separate from your personal return.

All comments

JulieO

Hi Educatedhawkins,

Thanks for the question.

educatedhawkins

Thank You

mhmconsultant2004_5

Yes, as the owner of MHM Consultant, your tax filing process depends on your business structure. If operating as a sole proprietorship or single-member LLC, you will report business income and expenses on Schedule C of your personal tax return (Form 1040). However, if structured as an S corporation or partnership, a separate business tax return is required.

https://community.freetaxusa.com/discussion/1394/do-i-file-my-personal-tax-together-with-my-business-tax