If your LLC is a single-member, your company will be treated as a sole proprietorship, and you can use Turbo. Tax Home & Business. If you have a multi-member LLC, it is best to choose Turbo, and tax business.
For one-member LLCs that have multiple members, you will need Turbo. Tax Business (the same as Turbo. Tax Home & Business). Form 1040 cannot be prepared by Turbo. Tax Business, and it may not provide a Form 1040 to individuals with a partnership.
And we have you covered at tax time, with Turbo. Tax Home & Business for single-member LLCs, and Turbo. Tax Business for multiple-member LLCs.
Which Turbo Tax program should I use for my LLC?
The Turbo Tax program that you should use depends on if you have a single member LLC or a multi-member LLC. A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return.
Using Turbo Tax for LLC is an easy way to file your business taxes. When filing taxes for your limited liability company, the most important step is understanding how the IRS treats LLCs in regard to taxation. If you have more than one member in your LLC, the IRS will consider your company to be a partnership for tax purposes.
What is TurboTax business (CD or download)?
, turbo Tax Business ( CD or download) is the product needed to create a multimember LLC tax return (Form 1065)., turbo Tax Business does not create personal tax returns, so you will have to use Turbo. Tax Self Employed (Online) or Turbo. Tax Home & Business (CD or Download) to create the personal returns.
What version of TurboTax do I need to use to file taxes?
If you run a business, you need to declare your income on a Schedule C and so you must use Turbo. Tax Self-Employed (also called Home & Business ). No other version offers this.
, turbo Tax Business does not create personal tax returns, so you will have to use Turbo. Tax Self Employed (Online) or Turbo. Tax Home & Business (CD or Download) to create the personal returns. The links provided in the product names include more information about each product.
This of course begs the inquiry “How do I enter my business information on Turbo Tax?”
You will enter your business information under the Business tab of the program. There is a section to enter the general information about the business and then there sections for both income and expense.