Question by just me: Do I file my individual taxes and small business taxes together as one filing or separate?
I have a “small business” (I’ve paid the sunbiz.org annual fees, the business has it’s own EIN #, I have a business bank account, and do work as a sub-contractor). I also have another job where I have taxes withdrawn and work as an employee for a corporation. I filed my taxes all together on turbotax under my individual social security number under the “home and business” filing category. Should I have done this, or should I have filed my sub-contractor work separately with the EIN number as the social, and then filed the tax form for individuals separately (filing as though for two separate people rather than one)?
Answer by NYTAXEXPERT
You are not giving us enough information. If your small business is incorporated as a Corporation or an S-Corporation, the business must file its own tax return. If the business was never incorporated and you are the sole owner of the business the income should be reported on your personal tax return on Schedule C. If it is an LLC and you are the sole owner of the business it is considered a disregarded entity and the income should be repored on your personal tax return – Schedule C
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