Tax Prep for Small Business

donloa60 · ‎November 16, 2022

I'm a sole proprietor, and will likely use your services to do my taxes since this is my first time doing taxes for my small business. I have used your online program for the last 4+ years for my W-2 work.

Do I have to fill out a 1040 and a Schedule C only?

John-H2021 · ‎November 16, 2022

Hello Don,

You can use TurboTax online and it will update you to the self-employed version.

You will enter your information as you usually do and you will see a section for self-employment. Here you will enter your business information, income and expenses. This will generate the Schedule C and all other forms required to be filed like schedule SE for the self employment tax and the 8995 for the qualified business income deduction. You will just need to answer a few question and the forms will populate with the required information needed.

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