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hunka_girl
New Member

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

 
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TurboTaxJeffrey
New Member

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

Assuming you have a corporation, your corporate return is separate from your personal tax return.  I rather suspect that any business expenses should be claimed in the corporate return.  You might still show yourself as a subcontractor to the corporation, there are different ways to show yourself being paid from the corporation, however if you did show yourself as a subcontractor you would complete the self employed section for your personal taxes just showing the amount paid from the corporation, with no expenses.

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TurboTaxJeffrey
New Member

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

Assuming you have a corporation, your corporate return is separate from your personal tax return.  I rather suspect that any business expenses should be claimed in the corporate return.  You might still show yourself as a subcontractor to the corporation, there are different ways to show yourself being paid from the corporation, however if you did show yourself as a subcontractor you would complete the self employed section for your personal taxes just showing the amount paid from the corporation, with no expenses.

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TurboTaxJeffrey
New Member

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

Scroll down this link and you will see a TurboTax product for preparing a T2 (corporate) return.

http://turbotax.intuit.ca/business-tax-software/catalogue.jsp
HAL9000
Level 4

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

What Jeffrey said.

Also, when you pay yourself from a corporation that you own, the implications on both your personal and corporate taxes can be complex. If the amounts involved are significant, it might be worth your while to invest a few bucks for a consult with an accountant.

TurboTaxJeffrey
New Member

As an independent contractor, when I file taxes via Home & Business ed'n, do I also need to file corporate taxes separately, or does it cover both personal & business?

I have a lot of fun with it with my own clients 🙂
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