Self employed, 2 businesses?
If the taxpayer has 2 businesses, one with a big loss and one with a small profit, are 2 sch c's requ'd?
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02/01/09 2:04pm PST
Viewed by asker 02/01/09 3:02pm PST
Viewed by asker 02/01/09 3:02pm PST
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tilt53
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02/01/09 2:17pm PST
Regardless of profit or loss, if there are 2 businesses, then 2 C's are needed.
Hail Cleo-Cat-Tra, Queen of Denial. I didn't do it.
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02/01/09 2:51pm PST
The solution
Unless they are related, sole proprietor IE; in one he installs carpet and the other vinyl flooring, or in one he prepares taxes and the other does bookkeeping. Construction lines etc. Bad examples I'm sure but you catch my drift. in a case like that he could choose to combine or not. Even if they were exact same, could be two sch Cs. IE; two different cities or time frames, it would be a management decesion.
Life is a Cabernet
02/01/09 2:52pm PST
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Good thing, same owner, loss of one will offset profit of other, lower taxes.
Life is a Cabernet
