Question

How much does my bissn. make before I have to file taxes

Forum|Forum|7 years ago
June 1, 2019
1 reply
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can I file an extension for business

TurboTax Basic Online

Employee

If your business is a sole proprietor or single member LLC, then the business activity needs to be included in your personal return on Schedule C, E, or F (depending upon the type of business.) Therefore, in that scenario, there is not a separate return for the business.

But, if your business income is $400 or more for the year, then you need to file a tax return for yourself and the business because self-employment taxes will be due on the business income.