running 2 businesses as sole proprietor?

Question

If I am running one business as a sole propreitor under my name and another as a sole proprietor under a ficticious name, completely separate businesses, when it comes to filing taxes, do I still just put everything together when filing (Schedule C and SE)?

Answer 1

Your choice as to whether to have 2 Schedule C's for your 1040 return or to combine them into 1. But either way, the SE tax will need to have both combined to calculate it correctly.

Answer 2

The IRS would prefer that you file two Schedule C's each of which will require an SE. When the Form 1040 is completed results from both Schedule C's and SE's will be combined on lines 12, 27, and 58. For example you have a loss of $100 on one schedule c and a gain of $200 on the other, your line 12 Business Income will be $100.
However you would not be the first person to just combine everything onto one Schedule C. If you are audited you will be recalculating you tax return.

Answer 3

You can have multiple Schedule C's with your return. As they are separate businesses, you would file separate Schedule C's.

....only one Schedule SE though.....

Answer 4

No matter how many business you have, it is still you as sole proprietor.

Answer 5

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