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Filing Tax on home based business question--others with business, or tax professionals please help!

When filing taxes, do you have to do all of the businesses separately? I have 3!!
Since I operate them under my name, not as a business name, do I have to separate them?
Is it advised to do so? Doesn't the irs think you are nuts if you do? I know people that do 10 different plans!

Answer Question

Asked by Anonymous at 5:53 PM on Feb. 13, 2010 in Money & Work

Answers (3)
  • You must file separately for each business. You have to account for expenses and incomes.

    Answer by Anonymous at 6:54 PM on Feb. 13, 2010

  • I thought so too---
    what do you use as a code for home party rep?

    Answer by Anonymous at 7:11 PM on Feb. 13, 2010

  • I keep everything separate. I run three businesses and have rental property. I file each business and the rental property separate. I keep 3 checking accounts. One for personal, one for rentals, one for business. It is a pain during the year, but it keeps the IRS happy.

    Answer by CorrinaWithrow at 8:39 PM on Feb. 13, 2010

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