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Old 01-23-2015, 05:22 PM
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How to File

I have always filed personal and small business I am 1099 from an individual I do consulting for but I also opened a small online/in house furniture company and have bought inventory and sold some of it not much just starting out but paid some sales tax etc so how do I file with two businesses?

I use turbo tax and am not sure how to sort this out



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Old 01-23-2015, 10:16 PM
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unless your home biz is s corp or c corp/ llc then you neeed tp file two sch c for the two biz;do two separate Sch Cs and then add the net income figures together before you go on to Sch SE for your self employment tax and you can deduct 50%of seca taxes that you pay.if one made $8k and the other lost $900, the total would be $7.1k and that would go on top of the sch SE and onto the 1040.



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