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gm_-_lm19-63
March 29, 2023
Question

If I also have a small business where can I input my Income and losses for it?

  • March 29, 2023
  • 1 reply
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    A
    Alanne
    March 29, 2023

    Most small businesses begin as sole proprietorships which means you run your business by yourself and your business is unincorporated.

    As a sole proprietor (or sole prop), the details about your business are included on your own personal tax return. Any profit you made is added to your income, and any losses are deducted from your income. If your business made $35,000 this year, you made $35,000 this year.

     

    To learn more, please visit TurboTax webpage: Filing Taxes as a Self-Employed Small Business Owner

     

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