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Business & farm
After reviewing the options for both lines of work, if you believe there is one NAICS code that encompasses them, you would simply discontinue reporting the income of one of them on its own Schedule C going forward. Combine your income and expenses from both when preparing your tax return under the code you believe is most appropriate. TurboTax software will prompt you to answer questions regarding "discontinuing" the work of one. This simply means you will no longer be reporting that income and associated expenses on a separate Schedule C.
May 22, 2024
4:12 PM