Should I file my business and personal taxes together?
by TurboTax• Updated 4 months ago
Whether you need to file your business and personal taxes together or separately depends on your business structure.
You can report all your business income and expenses on a Schedule C attachment to your personal income tax return if:
- You’re a small business owner using a sole proprietorship.
- You’re the sole owner of a limited liability company (LLC).
You must always prepare a separate corporate tax return if:
- Your business is a corporation (Form 1120).
- Your business is an S corporation (Form 1120S).
- Your business is a partnership or you elect to treat your LLC as a partnership (Form 1065).
When you use TurboTax Home & Business (for sole proprietors and contractors) or TurboTax Business (for corporations, LLCs, and partnerships), you'll answer simple questions about your business income and expenses, and we’ll fill in all the right forms for you.
Continue reading for a breakdown of each structure to better understand where your business fits in.
For more details on your business type, visit the IRS page on business structures.
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