topic Re: Schedule C for Sole Proprietorship in Self employed

Schedule C for Sole Proprietorship

mperry3060 — Tue, 05 Feb 2019 18:38:28 GMT

Hello, I have a Schedule C question. I am a sole proprietor and have recently started a 2nd business which is similar to my existing business and they share the same EIN. How do I list my new business expenses and income? Start a second Schedule C (if that is possible with Turbo Tax) or list them together with the existing business and try to separate them by use of a business name abbreviation? Thank you in advance! Marcus.

Re: Schedule C for Sole Proprietorship

IsabellaG — Tue, 05 Feb 2019 20:02:33 GMT

It usually makes more sense to file two separate Schedule C's if they are two distinct businesses. It's pretty easy to add another business in TurboTax. If they have two separate names, it makes sense. See the picture below for where to add an additional business.

Re: Schedule C for Sole Proprietorship

mperry3060 — Tue, 05 Feb 2019 22:39:57 GMT

Isabella,

Thank you very much for your help!

Sincerely,

Marcus