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February 23, 2021
Question

I started a new business this year, how does that affect my taxes?

  • February 23, 2021
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February 23, 2021

It depends what business entity you have, you might need to file additional return if it is a partnership or a corporation, or you'll need to file Schedule C if your business is a sole proprietorship or a single member LLC. If you had income, your tax liability will increase or it could decrease if your expenses were more that your income.