Solved: Register a Sole Proprietorship in CA Last May 2016. I did not operate that business. I am also a full time employee. Do I need to do any changes on how I file taxes?
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emunji
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Register a Sole Proprietorship in CA Last May 2016. I did not operate that business. I am also a full time employee. Do I need to do any changes on how I file taxes?

 
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PeterM
New Member

Register a Sole Proprietorship in CA Last May 2016. I did not operate that business. I am also a full time employee. Do I need to do any changes on how I file taxes?

If the only income you received in 2016 was from "wages", or as you stated a full time employee, and you did not have any income or expenses associated with the sole proprietorship you registered...then you would file a form 1040 with the W-2(s) you receive from your job(s) without attaching a schedule C.

However, if you made any money or incurred any expenses relating to your sole proprietorship, then you'll attach a schedule C to your tax return (this is in addition to your income earned from your full time work, you must report both). Turbo Tax does this for you as you go through the appropriate questions in Turbo Tax.

I have included a screenshot for you to use a means to get started in Turbo Tax when your sole proprietorship produces income and/or expenses.

View solution in original post

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PeterM
New Member

Register a Sole Proprietorship in CA Last May 2016. I did not operate that business. I am also a full time employee. Do I need to do any changes on how I file taxes?

If the only income you received in 2016 was from "wages", or as you stated a full time employee, and you did not have any income or expenses associated with the sole proprietorship you registered...then you would file a form 1040 with the W-2(s) you receive from your job(s) without attaching a schedule C.

However, if you made any money or incurred any expenses relating to your sole proprietorship, then you'll attach a schedule C to your tax return (this is in addition to your income earned from your full time work, you must report both). Turbo Tax does this for you as you go through the appropriate questions in Turbo Tax.

I have included a screenshot for you to use a means to get started in Turbo Tax when your sole proprietorship produces income and/or expenses.

View solution in original post

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