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sudbury4
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For 2017, I have an LLC where I do both scientific consulting and wildlife photography, two disparate businesses. The LLC doesn't specific the businesses. Can I include and combine both in my business TurboTax return?

 
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For 2017, I have an LLC where I do both scientific consulting and wildlife photography, two disparate businesses. The LLC doesn't specific the businesses. Can I include and combine both in my business TurboTax return?

Assuming this is a single-member LLC all your self-employment income and expenses ends up on a Schedule C, or Schedules C, as the case may be.

The IRS instructions suggest that separate reporting is required:

"Describe the business or professional activity that provided your principal source of income reported on line 1. If you owned more than one business, you must complete a separate Schedule C for each business. Give the general field or activity and the type of product or service."

The IRS doesn't really define exactly what "separate" means here and if you end up reporting everything on one Schedule C, accurately, I can't see that the IRS really could do anything.  Accurately reporting your income pretty much makes you bullet-proof.

Tom Young


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For 2017, I have an LLC where I do both scientific consulting and wildlife photography, two disparate businesses. The LLC doesn't specific the businesses. Can I include and combine both in my business TurboTax return?

Assuming this is a single-member LLC all your self-employment income and expenses ends up on a Schedule C, or Schedules C, as the case may be.

The IRS instructions suggest that separate reporting is required:

"Describe the business or professional activity that provided your principal source of income reported on line 1. If you owned more than one business, you must complete a separate Schedule C for each business. Give the general field or activity and the type of product or service."

The IRS doesn't really define exactly what "separate" means here and if you end up reporting everything on one Schedule C, accurately, I can't see that the IRS really could do anything.  Accurately reporting your income pretty much makes you bullet-proof.

Tom Young


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