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Multiple Incomes - What Forms to File

This year, I will have income from my LLC filing as an S-Corp, a restaurant job, and a new sole-proprietorship business. What tax forms will I need to file personally? Will Turbo Tax be able to capture all three incomes and help walk me through it? What documents should I be sure and track through the year? I understand I will need to complete the LLC return which will result in a schedule showing my income from that. Then, will I just complete a personal return that will capture my restaurant income and my sole-proprietor business?

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drc845443
Employee Tax Expert

Multiple Incomes - What Forms to File

You will need to file two income tax returns, a Form 1120S for your S-Corporation. You can use TurboTax Business software to prepare that tax return. You can find resources for preparing your business tax return here: TurboTax® Business Desktop 2023-2024 | Tax Software Download (intuit.com)

 

When you finish preparing the business tax return, you will generate a Schedule K1, which you will use as input for preparing your personal income tax return.

 

The IRS requires employee-owners of S-Corporations to pay themselves a reasonable wage/salary. You should consider paying yourself a salary. This salary is deductible on the S-corporation tax return, and you will get a W2 that you will use as an input document when preparing your personal income tax return. 

Here is a resource on reasonable compensation: S Corporation compensation and medical insurance issues | Internal Revenue Service (irs.gov)

 

Turbo Tax Self-Employed software will be able to handle your Schedule K1, W2 income as well as your self-employment income from your new sole proprietorship business. 

 

You will need to track your income and expenses in both your LLC business as well as your sole proprietor business so that you have complete and accurate records to support your income tax returns.  I recommend opening and maintaining separate bank accounts for each business. You can link these bank accounts to a QuickBooks account and monitor your income and expenses on an ongoing basis.

Here is the link to QuickBooks - you can choose the plan that is right for your business:

Intuit QuickBooks® Online | MEMORIAL DAY SALE — 70% Off. Ends 5/31

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