Last year my wife and I filed for a regular tax return. For 2020, my wife has a small business. How do we file with business expense included?

If your business is not incorporated, then you only have to file a personal (T1) tax return. The income/loss and expenses from the business will be included on your personal tax return.

 

To enter your business-related activities using TurboTax Online you will have to do the following:

1. On the left-hand side of your return, you want to click on the tab that says "Income".
2. You then want to find the tab that says "Self-Employment" then select "Self-Employment Profile", the "Your Self-employment Profile for 2020" page should then appear.
3. Select all of the checkboxes that apply to you then click Continue.
4. You should now be on the "T2125 Business Summary" page, to enter information about your business click on "Enter New Business" and select the business type that applies to you.
5. Finally, you should be on the page where you can enter any information about your business and if you scroll down you can enter the income and expenses related to your business.

To find out more information about owning a business, please see our TurboTax blogs below:

How to Declare Business Income 

What Kind of Expenses Can You Claim for Your Small Business?