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Should a sole proprietor file taxes under his name or the name of his business?
Should a sole proprietor file taxes under his name or under the name of his business?
Also, some of my BUSINESS expenses are under my name and others under my business name, can I include both in my tax return?
6 Answers
- SteveLv 61 decade agoFavorite Answer
A sole proprieter files their taxes under their own name as it is. All business related income and expenses are reported on Schedule C.
You should never comingle your business and personal expenses. Pay all of your business expenses out of your business accounts and pay all of your personal expenses out of your personal account.
The only comingling of your accounts should be limited to capital additions and withdrawals of capital.
- JudyLv 71 decade ago
As a sole proprietor, you file one tax return for yourself including the business. The 1040 is under your name. It doesn't matter whether you bought items for your business using your name or in the business name - if they're allowable business expenses you deduct them the same way no matter which name you bought them in.
- 1 decade ago
A sole owner.. Is DBA...... Your name is the business....'most of the time' same difference..
You kinda have to file under your business...Because as a sole prop.. you are the business..and the one liable...
And, I would suggest getting a regular accountant for all of quarterly DBA taxes... This will make it easier,
- r_kavLv 41 decade ago
You file a 1040 using your name and SS#, like everyone else. On Schedule C, line C, you enter the business name, if there is one.
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- Anonymous1 decade ago
You file your business under your personal taxes unless you are a parnership or corporation. You can use all the expenses as long as they are legitimate and you have receipts.