topic My wife has another business we need to file. We already filed our 2018 taxes. Can file the second business separately? in Business & farm

My wife has another business we need to file. We already filed our 2018 taxes. Can file the second business separately?

dozerrn — Sat, 01 Jun 2019 18:05:49 GMT

We already filed our joint 2018 taxes. However, my wife has another small business we need to file taxes on. What is the best way to do it? my wife prefers this business to be its own entity.

Unless its a corporation or partnership of some kind, its...

Lisa995 — Sat, 01 Jun 2019 18:05:51 GMT

Unless its a corporation or partnership of some kind, its NOT its own entity and should have been included on your personal return. You'll need to file an amended return to include it.

No, you can't file the business separately unless it is s...

Ashby — Sat, 01 Jun 2019 18:05:52 GMT

No, you can't file the business separately unless it is set up as a corporation or partnership. Even then, it would produce a K-1 that you have to report on your personal taxes.

A sole proprietor small business has to be included on a Schedule C with your married filing jointly return.

You will need to amend the return you filed. Here is a link to amendment instructions.

https://ttlc.intuit.com/replies/3288565