Adding Business

Forum|Forum|5 years ago
November 1, 2020
3 replies
4 views

Hello,

How do I add my business information on my 2019 taxes?

xmasbaby0

Level 15

We cannot see your screen and you have not said what kind of business you are referring to. Are you self-employed? Are you using desktop software for 2019? If you are self-employed you need to prepare a Schedule C for your business expenses and you will be paying self-employment tax for your self-employment income.

How do I report income from self-employment?

If you received a 1099-MISC for your self-employed income

Type 1099-misc in the Search box and then select the Jump to link. This will take you directly to the section where you can enter your 1099-MISC. You’ll also be able to enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.

If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency

Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Anonymous_

Level 15

Which type of business do you have and which product are you using?

If you have a sole proprietorship or a disregarded entity (such as a single-member LLC without an election to be treated as a corporation), then you would report on Schedule C. Schedule C is supported by TurboTax Home & Business (or TurboTax Self-Employed for the 2020 tax year).

If you have a business entity, such as a corporation, partnership, or multi-member LLC, then you would have to use TurboTax Business.

Valencialynn77Author

Level 2

Thank you

I filled 1040. It’s past the amend deadline. There is an option to amend but it’s only going me schedule 1 & 2. 2019 I was a sole proprietor with a beauty business.

xmasbaby0

Level 15

@Valencialynn77

" I filled 1040. It’s past the amend deadline."

Not sure what you mean. You have three years to amend a tax return. If you made a mistake on a 2019 tax return you have plenty of time to amend. But you need to wait until your original tax return has been fully processed. Do not send in an amended return before that or it can cause confusion and delays.

The deductible part of your self-employment tax (expenses) will end up on line 14 of Schedule 1.

Self-employment tax will end up on line 4 of Schedule 2.

Going forward---if you are working as an independent contractor (and it seems you are) then ALL of your income has to be included on the same tax return. If you use online TurboTax in the future you will need Self-Employed, or you might be able to use Free File next year depending on your income. Or....any of the desktop versions of the software can be used for self-employment income. All desktop software has the forms and schedules needed for income you receive as an independent contractor.

Free File usually becomes available by late January/early February.

If you qualify to use it, there is another full-featured free version of the software:

Try Free File:

You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program