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Can I set up a business in Turbo Tax?

I started to add my small business to turbotax home and business. There is no area to input expenses. The help states that I must set up my business in turbo tax. I can't find how to set up a business in turbotax.

2 Replies
Level 15

Can I set up a business in Turbo Tax?

Here's how to fill out the schedule C in Home & Business version.
You need to report all your income even if you don't get a 1099Misc. You use your own records.  You are considered self employed and have to fill out a schedule C for business income.  Enter it under…..
The Business Tab - Continue
I'll choose what I work on
Business Income and Expenses
Profit or Loss from Business, click Start or Update
You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.
After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.
Level 15

Can I set up a business in Turbo Tax?

To enter expenses
Go to Business tab- then Continue
Business Income and Expenses - Click the Start or Update button

Then click EDIT by the business name and the next screen should be a list of  topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

Under Business Expenses, Click Start or Update by Other common business expenses.  You should see the list of expenses and amounts you entered.
Then click the start or update button by the expense you want to add or edit.

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