If I started a new business this year but also have a W2 how can I add both to my upcoming return??

[mbpeddie]

You would use Turbo tax self employed version to file a return with both a W2 and self employment income.

Answer the questions that you have a W2 and self employment income.

Under the  Federal tab, Income, you would enter your W2.

Scroll down to self employment income and enter the information for your business's income and expenses.

TurboTax is great because it gives suggestions on typical types of expenses associated with your type of business to help you.

[kdevere]

Congratulations on the new business!  It depends on how you have structured your business.  Adding a business to your income portfolio can mean you will need to include your business information on a Schedule C on your Form 1040 if it is owned by taxpayer or taxpayer and spouse.  If it is a partnership, multi-member LLC, or S-Corp, then you will file a business return and generate a K-1 that will be used to report on your personal income tax return.

If you report on a Schedule C, as part of your individual tax return, the Schedule C acts a bit like an Income Statement, or P&L, in that it will include all your income and eligible expenses to arrive at a "net income" or profit for the business that will be self-employed taxable income.  If it is a partnership, S-Corp or multi-member LLC, then you will be taxed on your portion that is reported on the K-1.