Each Year I was told that I need to create my business on my separate business return. For the amount of money I make, it would be better to add it to my personal taxes.

Forum|Forum|3 years ago
April 11, 2023
1 reply
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I had someone look at the returns TurboTax made and they suggested that I would have saved money by just adding the money (under 6000 with 60% cost) to my personal tax I would have saved money.

TurboTax Online

JulieS

Yes, if your business income is about $6000 and not expected to grow, you would be better off filing this as a Schedule C along with your personal tax return.

Exactly how you make that change depends on the entity you formed and the business return your have been filing.

By entity, I mean Limited Liability Company (LLC), Partnership or Corporation. Which of these did you form?

Which form have you been filing 1120, 1120-S, or 1065?

Are you the sole owner of the business?

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