topic Two income sources in Get your taxes done using TurboTax

Two income sources

Jack Straw — Thu, 04 Feb 2021 05:05:48 GMT

I receive income from both my business, in my business' name and I receive income to my personal name from two different companies. The companies send a 1099 at the end of the year in my name.

Is it better to record all the income under my business name? The work performed is basically the same.

Are deductions the same? Or are they set up better for a business as opposed to personal? I'm hoping to keep it simple and use the deductions that help the most. Thanks

Re: Two income sources

gloriah5200 — Mon, 08 Feb 2021 23:35:42 GMT

The way to determine if it is better to record all the income under your business name or yourself as an individual would depend on whether you were doing the work as the owner of the business or as an individual taking on a job and working on your own outside the business..

Whether or not the deductions are the same would depend on what the expenses were to you as a self-employed individual or you as an owner of the business.