Yes, you will need TurboTax Self-Employed to file your side business. You
will file a Schedule C as a self-employed person. (This is
true as long as you have not taken any steps to become a corporation or are not
a multi-member LLC.)
The
Schedule C will flow onto your individual income tax return (Form 1040) and be
netted with other personal income and expenses.
How to get to the area to enter your business income/expenses
:
While inside the
software and working on your return, type Schedule C in the
Search at the top of the screen (you may see a magnifying glass there).
There will be a popup that says Jump to Schedule C.
Select that to get to the general area.
When
you set up your business, you can use your own name, address, and social
security number (if you don't have a business name or EIN). Then, when done
with the Business Profile:
- go to Business Income
and Expenses
- select Edit next
to your business (if it is there)
- scroll to Business
Income
- on the next screen, you will
see a place to enter a Form 1099-MISC (if you didn’t receive one, you can Skip
past that)
- then, on the next screen, you
will see General Income (for income received that is not on a
1099-MISC form)
- enter a description for
the income (ex. Services, or Consulting, Customer Sales) and
the amount
For
expenses:
- select Edit next
to your business (if it is there)
- scroll to Business
Expenses
- then Select one of the
following, depending on what expenses you are entering: Other
Common Business Expenses, Home Office, or Business
Vehicle Expenses
Follow
through all the areas in the Business section of the TurboTax software and it
will provide you with a lot of assistance. You'll notice blue links that
have more information and details about the particular sections that will be
extremely helpful.
Also,
this link may be helpful to you IRS
Small Business Help Center .
