If I started a company in 2020, only made a few thousand dollars and I included it with my personal taxes on Form 8995, do I still need to file business taxes?

Forum|Forum|5 years ago
March 23, 2021
2 replies
15 views

Do I still need to eFile using turbo tax for business if I already included it in my personal taxes?

TurboTax Self Employed Online

pk_

Level 15

@jonathandflood before one can answer , we need to know what type of "company" are you talking about -- a single owner business, an LLC, a partnership, S-Corp, C-Corp, Trust / Foundation etc.or what ?

Assuming that you have a single owner/proprietor business { shop, contractor/self-employed etc. ), the business is treated as a dis-regarded entity for tax purposes. Thus you report the business income and expenses on Schedule-C and along with your individual return. Is this your case ?

jonathandfloodAuthor

Level 2

My company is an LLC, however there are no partners, I am the full owner.

npierson777

Level 10

You don't need to file a separate federal tax return for your single member LLC, instead you report your business income on your personal tax return, Schedule C. However, depending on the state of your residency, you might need to file business state return with your state.