Filing business returns separately

[anajafi]

I have 2 businesses both of which I filed as part of my personal return for the past 2 years. Do I need to do anything differently if I want to file them separate? I imagine it will raise a red flag but I want to make sure I am separating them and filing them correctly. Can I just not report them on my personal and be done?

[VolvoGirl]

Have you been filing them on Schedule C in your personal return?  On the same Schedule C or 2 separate Schedule Cs?   Unless you incorporated or set up a Partnership or LLC you can't file them separate from your personal return.  You can't just change.  Have you been filing them wrong the last 2 years?  If you really should be filing a separate Business return you better see an accountant right away and get it straightened out.  You may need to amend your returns and file prior year business returns.  

[anajafi]

They are set up as an LLC since the beginning. An issues?

[VolvoGirl]

What kind of LLC?  If they are a Single Member LLC they are a disregarded entity and belong on your personal 1040 return.  But if you elected it to be a Single Member LLC  S corp you need to file a 1120 S business return.  

[Hal_Al]

It's essentially optional. You can file two sepaate Schedule C's or you can combine the activities onto one Schedule C.