I own two seperate small businesses. Can I track financials for both with one account, or will i need seperate accounts for each? I plan on using the online software

nowelljosh — Sat, 01 Jun 2019 04:41:53 GMT

Are you the sole proprietor of both businesses? If so the...

BMcCalpin — Sat, 01 Jun 2019 04:41:53 GMT

Are you the sole proprietor of both businesses? If so then do the following:

First, you can do both businesses under one account, because the two businesses will be reported on two Schedule Cs which will be part of your one 1040 tax return.

To enter the businesses in TurboTax Self-Employed, go to Business->Business Income and Expenses. Click on the Add a Business button and begin the interview on the information, income, and expenses of your first business.

When you are finished with this, return to Business->Business Income and Expenses and click on the Add a Business button again to begin the interview for the second business.

Since the income and expense items are reported within each business, this will keep the income and expense items from being commingled between the businesses. NOTE: this means that you will not enter thing related to a business (like a 1099-MISC) in your personal info, but under the business that this form belongs to.

Note that a business does not have to have an EIN (for example, if you have no employees), the business without an EIN will default to your Social Security Number.

The result of the interviews for the two businesses will be two Schedule Cs on your 1040.

topic I own two seperate small businesses. Can I track financials for both with one account, or will i need seperate accounts for each? I plan on using the online software in Get your taxes done using TurboTax

I own two seperate small businesses. Can I track financials for both with one account, or will i need seperate accounts for each? I plan on using the online software

Are you the sole proprietor of both businesses? If so the...