I have a small business (incorporated) that I'm trying to sell as I will be taking a loss on it for 2016, same as the year before. My only other income is Social Security which was less than $12,000. Do I need to file a personal/individual return? Do I need to include the Social Security income on my corporate return ... any reason that I may need to do so?
My accountant does my taxes and charges me for each ... the corporate return and the individual return. I don't want to give him my Social Security information and pay him for preparing an individual return if it's not necessary. Even if I do need to file individually, I can do that return myself. I'm mainly wondering if he needs my Social Security income information for my corporate return?
No. Your social security income is not needed for the corporate return, that will be entered only on your personal income tax return.
You can go directly to the area to enter this income following these steps.
1. Sign into your account and select your current return.
2. Select My Account on the top right and then select Tools
3. Select Topic Search (see attached image)
4. Search for ssa1099 and select Go
5. Follow the interview to enter or review your entry for these benefits.
No. Your social security income is not needed for the corporate return, that will be entered only on your personal income tax return.
You can go directly to the area to enter this income following these steps.
1. Sign into your account and select your current return.
2. Select My Account on the top right and then select Tools
3. Select Topic Search (see attached image)
4. Search for ssa1099 and select Go
5. Follow the interview to enter or review your entry for these benefits.