turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have a small start up business and had to register it with the state for the customers that write out a check to the business name. Do I need to report this business?

My profits are under $3000 for the year
1 Reply
PeterM
New Member

I have a small start up business and had to register it with the state for the customers that write out a check to the business name. Do I need to report this business?

Yes, you are required to report the income from your business...even if its under $3,000.

In order to enter your business income and expenses, you will have to upgrade to the Turbo Tax Self-Employed version (or Turbo Tax Home & Business). Once you upgrade, to enter the income and expenses of your business, follow these steps in Turbo Tax (here I am assuming that you'll file as a sole proprietor on a Schedule C:(

  • Log into your tax return.
  • Use the search box in the upper right hand corner. Type "schedule c" in the box and press enter.
  • This will bring up the "Jump to schedule c" link...click that link.
  • From here Turbo Tax will ask you some specific questions about your business. You'll be led through different screens asking you more questions regarding your business.
  • Once you've answered these questions Turbo Tax will bring you to a screen to enter you income. This may be in the form of 1099s or no 1099s. 
  • After you've added your income (or skipped that part) Turbo Tax will bring you to the screen for you to choose what expenses you would like to enter onto your tax return.
    • The cost of the upgrade can be written off a business expense you you prepare next year's tax return



Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies