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Question
I have two businesses. Can I submit one SChedule C?
AI accountant’s answer:
No, you cannot submit just one Schedule C for two separate businesses. You should complete a separate Schedule C for each business you own. Each business will have its own income, expenses, and net profit or loss, which needs to be reported separately on your tax return. By filing a Schedule C for each business, you'll accurately report the financial activities for each one and calculate the correct taxable income for each business.
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