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Business & farm
Please clarify - what kind of business do you have?
Any business income you have will need to be reported on your tax return (except a C-Corporation).
If you have an S-corporation or a partnership, you would need to file a separate business return using TurboTax Business. The income or loss from those businesses would "pass-through" to your personal return by way of a Schedule K-1.
If you have a sole-proprietorship or single-member LLC, the income is reported directly on your tax return, using Schedule C. TurboTax Self-employed (or Home & Business) is required to prepare Schedule C and related tax forms.
March 22, 2021
2:48 PM