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exzolux
Level 1

Multiple Businesses Questions

So let’s say I want to add YouTube as a bank account or Fiverr, but it’s not listed, do I click on add transaction and classify it as business income? How would the IRS recognize it’s a business like Etsy (that I have connected with quick books)? And at the end do I file all business in one form? How would that work. Really confused :(

3 Comments
Rose-A
Moderator

Multiple Businesses Questions

Welcome to the Community, exzolux.

 

I'm here to help you add and categorize your transactions in QuickBooks Self-Employed.

 

Yes, you can manually add your transactions in QuickBooks Self-Employed and categorized them as business income.

 

Here's how:

 

  1. Go to the Transaction menu and select Add Transaction.
  2. Enter the amount and a description.
  3. Select the Select a category menu. Select the best category to organize your transaction.
  4. If you have a receipt, you can drag and drop it onto the form.
  5. When you’re done, select Save.

To know when to tag your transactions as business or personal income, you can go through the following articles:

 

Income: Business Income

Income: Personal Income

 

Additionally, you can get in touch with your tax adviser or consult with the IRS for the proper categorization of your transactions. They'd be able to give you advice on how to report this income and answer any tax-related questions, as well as filing the correct form.

 

The following article is a good reference. This will provide you lists of categories to help guide you in tagging or categorizing your transactions as well as organizing them accurately in QuickBooks Self-Employed: Updates to expense categories in QuickBooks Self-Employed.

 

Let me know if you have any other concerns. You can connect with me again by clicking the Reply button below. Have a nice day!

exzolux
Level 1

Multiple Businesses Questions

I have the TurboTax subscription that comes with a free filing. Will I be able to file all 3 businesses at same time? How does the filing work? 

exzolux
Level 1

Multiple Businesses Questions

I have the TurboTax subscription that comes with a free filing. Will I be able to file all 3 businesses at same time? How does the filing work? 

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