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mhr1
Level 3

Unraveling 3 bank accounts

Have 2 sole proprietor bank accounts.

No personal expenses have been paid from these accounts.

There are business expenses to be itemized for each of these accounts.

There is a third account from which all personal expenses have been paid.

(so far so good, I understand how and where to enter this data)

Problem:

Business expenses related to each of the sole proprietorships have been paid from this account.

How to sort this out for TurboTax entry?

Related:

When I navigate to the Personal section, it requests info on W2s but as sole self-employed we don't have. 

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6 Replies

Unraveling 3 bank accounts

You should have a Schedule C for each separate business as well as records of income and expenses for each.

 

TurboTax can't really help you if you don't have those records.

Palisades
Returning Member

Unraveling 3 bank accounts

You enter Business Income in Schedule C.  You might have received 1099's from some other businesses you did work for.  The TurboTax step by step "Wizard" will ask you if you received 1099s and will have you enter the information to each one in the program.  If you made additional amounts from your business it will have you enter those in also .  It will all land in the correct spots on the forms if you follow the steps. 

An example might be you did 100k in business.  You received 20k of which the purchasers of your services or goods sent you 1099s  which you will report. The other 80k of "cash" receipts will go in the other income spot.

 

And all the other deductions will have to be entered also as you work through the program.

It's very logical  but tedious in spots.

 

Keep your coffee on, It might be a long night or two.

mhr1
Level 3

Unraveling 3 bank accounts

Thanks for your notes!

I do understand the data entry for each of the 2 self-employed business accounts.

My main question is related to the "Personal" account. Business expenses for each of the 2 self-employed businesses were paid from the "Personal" account. I have all of these expenses identified. Do I add those expenses to the relevant business accounts?

Unraveling 3 bank accounts

Yes, it doesn't matter what bank account you paid expenses from.  You should be keeping records for each business.  You might want to use Quicken or QuickBooks to keep track of your income and expenses.  For W2s say you have no W2s and continue.  

 

I have the Windows Home & Business version too.  So if you have more questions.  I use Quicken for my business.  Didn't it take you though the Business section first?  

Go to Business tab-Continue

Business Income and Expenses

Profit or Loss from Business, click Start or Update.

Unraveling 3 bank accounts

Oh and if you  have any bank interest for the business accounts you still enter the interest under Personal not on your schedule C.  

Palisades
Returning Member

Unraveling 3 bank accounts

Exactly, enter the correct expenses for each business.  And whatever the amounts are for personal expenses.  Just enter what it asks for, the things you're wondering about will come up in the process of going through the program.  Be accurate and thorough.

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