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QBI - Business Name

In my last year taxes (2021) I entered "Enterprise #1" as the Business name.  The 2022 turbo tax now suggests to enter the owner's name as the Business name.

 

Can I use my name for this years taxes as the Business name or do I need to use the Business name that I used last year in my 2021 taxes (Business name: Enterprise #1)? 

 

If I need to continue using "Enterprise #1" as the Business name, will this create a problem since I am not using my own name?

 

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1 Reply
PatriciaV
Employee Tax Expert

QBI - Business Name

If your business has a name, you can enter it. Or use your own name, if that is how you conduct business.

 

For instance, if you rent a house, your renters probably pay you directly. In that case, your name is the name of your rental business.

 

But if you have a repair shop and customers pay "Bill's Repair Shop," you would enter that name.

 

The only requirement is if you have an Employer Identification Number (used if you have employees). In that case, you need to enter the name of the business that was registered with the EIN application.

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