Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Dec 10, 2024 12:19:21 PM

I have a small business, can I combine my taxes with my personal filing?

0 3 5022
1 Best answer
Level 15
Dec 10, 2024 3:21:15 PM

If your business is a sole proprietorship, single-member LLC, or qualified joint venture you report it on Schedule C included in your personal tax return.


If your business is a multi-member LLC, partnership, S corp, or C corp the business has to file its own tax return, separate from your personal tax return. Your share of the income from the business then has to be reported on your personal tax return. Exactly how that is done depends on the type of business organization.

 

3 Replies
Level 15
Dec 10, 2024 12:21:13 PM

Yes. Report your business on Schedule C 

Level 15
Dec 10, 2024 1:28:25 PM
Level 15
Dec 10, 2024 3:21:15 PM

If your business is a sole proprietorship, single-member LLC, or qualified joint venture you report it on Schedule C included in your personal tax return.


If your business is a multi-member LLC, partnership, S corp, or C corp the business has to file its own tax return, separate from your personal tax return. Your share of the income from the business then has to be reported on your personal tax return. Exactly how that is done depends on the type of business organization.