Archive for the ‘Filing Business and Personal taxes’ Category
Personal and Small Business Taxes?
My husband and I started a detailing business. We are wondering if we claim our personal and business taxes together or if we file them separate?
Larisa’s Response: This depends on how your business is set up. If you did not form any other type of entity (LLC, corporation or partnership) then you will file as a sole proprietor meaning both your business and personal taxes will be filed together on your personal return. I hope that you have formed some type of entity because a sole proprietorship is the most audited business type at the IRS. Please download the free “Top 10 Secret Tax Strategies The IRS Doesn’t want you to know” in the left column of this page. It is FREE!!! and it will explain to you why you need to change your entity type.
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