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Why do you consider them two businesses? What kind of business is each one? Are they in similar lines of business, or completely different?
What type of organization is each business: a sole proprietorship, single-member LLC, multi-member LLC, partnership, S corp, or C corp?
The tag below your question indicates that you are using TurboTax Live. You should address your tax questions to a TurboTax Live tax expert. You are paying for that service.
And it shows you are in Deluxe. You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.
How to enter income from Self Employment
VolvoGirl is correct, assuming that your businesses are sole proprietorships or single-member LLCs. What that means is that you cannot show a business loss in Deluxe because you can only enter the income, not expenses. You said you had losses in both businesses, so you must have had expenses. So you will not be able to complete your tax return with TurboTax Deluxe.
If you didn't keep separate records for each business, how do you know that they both had a loss?
If you qualify you can use one of the 9 IRS FREE FILE options ... for 2020 your AGI must be $72K or less ... https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Thank you for reaching out. One was multilevel marketing and the other was errands/odd jobs. Both were kept on Square payments. I’m retired with a husband who is unable to work and trying to make ends meet.
I would not combine them. I would report them as two separate businesses. They are very different types of business activity.
Going forward you should keep separate records for each business. Ideally you would have two separate Square accounts. I don't know if Square lets you do that.
I still recommend that you consult a TurboTax Live tax expert.
Thank you! I tried and they aren’t available on the weekend.
Thank you! I’ll check out the link.
I think I can separate them. Just hoping I wouldn’t have to.
Thank you!! I’ll check it out.
Yeah, joint finances mean something different for every couple. Some couples keep their money mostly separate and only share one or two bank accounts. Other couples combine everything—bank accounts, credit cards, investments accounts, and more. But I certainly realized that I moving way away from the topic. The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% for everything else that you might want.
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