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

Educatedhawkins
Educatedhawkins Member Posts: 2 Newcomer
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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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Answers

  • JulieO
    JulieO FreeTaxUSA Agent Posts: 7

    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.

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  • Educatedhawkins
    Educatedhawkins Member Posts: 2 Newcomer

    Thank You

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