Business tax and Income tax

[pjda7]

Hello, do you guys know where does business income is taxed for income tax?

[Mike9241]

business income can go on schedule C, form 4835,,schedule F, schedule E page 1 or 2, even form4797 for security traders who have made a special election. schedule E page 1 is for rent and royalties. schedule e page 2 is for income/loss from flow-through entities like partnerships, S-Corps and estates.

so we need to know why type of business your asking about sole proprietorship or single member LLC or some other entity type and what does it do  . 

[Opus 17]

What kind of business?

If you were a sole proprietor, for example, you would enter your gross income and expenses on schedule C, which gets combined with other income, deductions and credits on your main form 1040 federal tax return.  When you prepare a state return in Turbotax, any state business tax forms will be automatically filled out using the federal information.  Then, you will see one or more pages of special state-specific additions or subtractions and you will have to look for anything that applies to you.

Other business income will be carried from the federal return to the state return in a similar way, but it depends on the type of business.

[xmasbaby0]

Are you self-employed?  Do you have your own sole proprietor business?   Or are you in an Scorps, C corps or multi-member LLC?   If you are self-employed---or if you are working as an independent contractor, then your business income goes on your individual Form 1040 with all of your other income.  You will need online Self-Employed software or any version of the CD/download in order to file the Schedule C you need for your business expenses.  You will be paying self-employment tax for Social Security and Medicare as well as ordinary income tax.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

If you are in an Scorps, Ccorps or muti-member LLC you need TurboTax Business which can only be used on a Windows computer.  And you are late in filing the return which had a March deadline.

https://turbotax.intuit.com/small-business-taxes/