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jonathandflood
New Member

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?

Do I still need to eFile using turbo tax for business if I already included it in my personal taxes?
3 Replies
pk
Level 12
Level 12

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?

@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 ?

jonathandflood
New Member

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?

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

npierson7
Level 1

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?

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. 

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