The below applies to ***TURBOTAX*** only. It DOES NOT APPLY to Quickbooks.
If the business is a sole proprietorship or single member LLC with only one owner, all business income and all business expenses are reported on SCH C as a physical part of your personal 1040 tax return.
The TurboTax program can handle up to 5 single owner businesses with each business reported on it's own SCH C as a physical part of your personal 1040 tax return. it does not matter if you are filing a joint return either.
The below applies to Quickbooks, and has "NOTHING" what-so-ever to do with TurboTax or your taxes.
If you are using the online version of Quickbooks to track business income and expenses, then you will need to $PAY$ for a subscription for each individual business.
If you purchase the CD version of QUickbooks and physically install it on your MAC or Windows computers, then you can use that version for as many individual businesses as you like without having to pay a separate fee for each business. HOWEVER:
Using the Cd version of Quickbooks, you can not import your Quickbooks data into the online version of TurboTax. But you *can* import it into the CD version of TurboTax.
Likewise, if you use the online version of Quickbooks, you can not import it into the CD version of TurboTax. But you can import it into the online version - but you can only import "ONE" Quickbooks subscription account. You'll have to enter data for the other account by hand, one keystroke at a time.
