Just started a business

Forum|Forum|2 years ago
October 25, 2023
3 replies
40 views

I recently left my ft job and am starting a business with my husband (who also works as an independent contractor). Can we file our business's taxes and personal taxes using Turbo tax and any tips?

Ask the Experts - Extension - Sept 2023

lramkumar

Level 2

Hello Monki12480

Congratulations on your new business!

Yes, you can file your business taxes and personal taxes with Turbo Tax! You will need to figure out if you are going to be a Partnership, or S corp or a Sole Proprietor. Depending on the income and the expenses, you can choose the entity. Once you decide the structure of the entity, you will be able to choose the right product on Turbo Tax.

Hope that clarifies your question,

Thank you!

Monki12480Author

Level 2

So do we list deductions like lay say rent because the business is home based on our personal joint tax filing or the business one?

Paul_W1

Level 5

Hi Monki12480,

I am following up behind the original tax expert with some additional assistance. Based upon the type of entity you determine your business will be classified, you will report the income and expenses on the tax form. Without more details, I will use an example I see more often than not, 1040 Schedule C. I have provided link here as well. https://www.irs.gov/pub/irs-pdf/f1040sc.pdf. In using this example, you would input income and expenses on the appropriate areas. I have also included the 1040, Schedule C instructions as well.

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf. This is probably the most common but without more specific information on the business type, I can provide this example to get you started. Hope this additional information is useful. Thank you for allowing me to assist you today.

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