View Full Version : Turbo tax Question...

02-04-2008, 01:43 PM
Ok folks tax question here, I always do my taxes on Turbo Tax. This will probably be the last year though due to the new business.

Since my new business incorporated in 2007 I am having to go ahead and file a federal business return for the new company (even though we didn't do any business.) An accountant is handling that.

But on my personal return it asks me if I started a business and I answered yes and it keeps asking me all these business questions that should be handled on the company return, not my personal one. I wonder if i should go back and check 'no" that I did not start a business.

Dakota Rose
02-04-2008, 03:00 PM
I used turbo tax once and we have our own incorporated business. My tax guy (I stopped using TurboTax when I had DS) told me that even if the business is incorporated, if you are the only owner/shareholder, then you just file a Schedule C. So, unless your corporation includes other owners/shareholders other than you and your hubby, it would make sense that Turbo Tax is asking for this info. But to be sure, I'd call the Turbo Tax help # or better yet, the CPA doing your business taxes.

02-04-2008, 03:44 PM
Although you incorporated your business, depending on whether it's a C-corp, S-corp or LLC will affect your personal tax return. If you have a C-corp, which this sounds like you may have, then your company is an investment - you should un-check that box and then you only need to report income that you receive from the company (whether it's in salary and shown on a W-2, dividends shown on a 1098, or capital gains when you sell your shares). S-corps and LLCs have flow through income and the income of the S-corp or LLC is your income from the business. What Turbo Tax does with the checked box is for sole proprietorships that are not incorporated.

If you have an accountant working on your business's tax return, you may want them to work on your personal return because the business can make your personal taxes more difficult to do yourself.

02-05-2008, 08:13 AM
It's an S-corp and there are two owners, but we aren't married or anything. See we didn't have any income from the business in 2007 so I was hoping to avoid adding anything about it to the personal taxes, I guess I need to run it by the acountant...