Question

Home Baker in Texas

Forum|Forum|5 years ago
June 19, 2020
1 reply
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I have a small business as a home baker in Texas, where it’s allowed without a business permit as long as we make under 50k in one year. This is my first year doing it, and I’ve only made about 3k so far. This is my only “job,” and the only time I’ve filed taxes was in 2018 for a part time job. My question is, am I supposed to file taxes for this small business? If so, how would I go about it? I am very new to these things and have never been taught before.

Not A Product Question

J

JotikaT2

Yes.

If your intent is to run a business, then you will need to complete a Schedule C for Self-employed business. This schedule is a part of your income tax return that is reported on a Form 1040.

You can prepare your tax return using the link below.

Self-employed version

Be sure to have a summary of your income and expenses incurred during 2019. I have included a link with more information on what you need to report your business activity.

Self employment income and expense guide

Please note, TurboTax will walk you through all of the steps as you prepare your tax return. The program will prompt you with questions along the way. Be sure to follow each screen carefully to ensure you complete the tax return completely.

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