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sequenis-pye13-g
February 5, 2023
Question

If I work full-time and I also have a small business, but the small business only made less than $20 last year, do I need to file taxes for the small business?

  • February 5, 2023
  • 1 reply
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1 reply

E
ErnieS0
February 5, 2023

The IRS requires you to report your worldwide income so report you $20. You don’t say whether you are a sole proprietor, partnership or corporation.

 

If you are a partnership or corporation, you may have to file separate business returns with TurboTax Business.

 

If you are a sole proprietor, you can report your income in the hobby section.

 

  1. Tap Federal in the left column
  2. Select Wages & Income at the top
  3. Go to Less Common Income
  4. Start Miscellaneous Income, 1099-A, 1099-C
  5. Select Hobby income and expenses
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