If you have two separate independent contractor business do you add them both together?

K

kifamor2009

New member
Do I add the income together or do I have to file two separate tax returns? So if I don't make more then 400 on my second business I wouldn't have to pay taxes ? Just wondering I most likely will be making more then that.
 
If one of the businesses is over $400 then the second one must be included even if it is only $1.

The $400 rule applies to all income not each individual source.

If the business are unrelated you would need 2 Schedule C's with your return.
 
Back
Top