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What Code to Use for Taxes and What Business Name/Type?

In summary, the appropriate code for taxes will depend on factors such as business type, location, and income. It is recommended to consult with a tax professional or use tax software to determine the correct code. A business name is the official name of a business and can be the owner's name or a unique name. A business type refers to the legal structure of the business. It is necessary to provide this information when filing taxes. The easiest way to determine a business type is to consult with a tax professional or use a questionnaire from the IRS. It is possible to change a business name and type for tax purposes, but it is important to update business registration and notify the IRS to avoid any issues. It is advised to seek guidance from a tax
jrstephens
7,133
I looked on last years taxes and saw I did Direct Sales and the code I used but it does not see to have the same choices this year. Or I am not seeing it anyway. I have to choose from a drop down list of names, I cannot just enter the code.
 
Jennifer I did my taxes last night and H & R told me to use this code 454390 cause the description even talks about director selling companys. I did it on h & r block online and it only took over an hour and all finished got an email this morning saying irs accepted my federal and is finish proccessing.
 
  • Thread starter
  • #3
that is the code i used last year too but for the life of me i cannot find where to put the code in. i am getting a drop down menu that has all kinds of descriptions to pick from and i cannot find direct sales in it anywhere.
 
type it in I had to do that.
 
  • Thread starter
  • #5
Yahoo!! I found what I was doing wrong. I had to select view all codes to be able to find it. I was searching for the topic first and then trying to find it. Thanks for making me look closer!!!
 

1. What code should I use for taxes?

The specific code you use for taxes will depend on several factors, such as your business type, location, and income. It's best to consult with a tax professional or use a tax software to determine the appropriate code for your taxes.

2. What is a business name/type?

A business name is the official name of your business. It can be your own name, a unique name you come up with, or a combination of both. A business type refers to the legal structure of your business, such as sole proprietorship, partnership, corporation, or LLC.

3. Do I need a business name/type for taxes?

Yes, you will need to provide your business name and type when filing taxes. This information helps the IRS determine the appropriate tax forms and codes for your business.

4. How do I determine my business type?

The easiest way to determine your business type is to consult with a tax professional or use a business type questionnaire provided by the IRS. Your business activities, number of owners, and liability concerns are some factors that can help determine your business type.

5. Can I change my business name/type for tax purposes?

Yes, you can change your business name and type for tax purposes. However, it's important to update your business registration and notify the IRS of any changes to avoid any potential tax issues. Be sure to consult with a tax professional for guidance on how to properly make these changes.

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