If you are using Turbo. Tax to file taxes for your LLC, you will need to choose the right edition depending on your business structure. 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.
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., turbo Tax offers plenty of features for the price.
This begs the query “Can I file an LLC on TurboTax home&business?”
For non -community-property states, you file the LLC on Form 1065, and yes, you would use Turbo. Tax Business (not home and business) to prepare the Form 1065 and the software will generate the two K-1 forms that you will enter on your personal tax return using Home & Business, later.
This begs the question “Does TurboTax offer single-member or multiple-member LLCs?”
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.
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.
Can TurboTax home&business prepare individual income tax returns?
Note, however, that you will also need a personal income tax preparation product since Turbo. Tax Business is not capable of preparing individual income tax returns.
, 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.
Should I Choose TurboTax home&business or TurboTax self-employed?
, choose turbo Tax Home & Business if you have a single-member LLC that is treated as a sole proprietorship. If you own an interest in a multiple-member LLC (or a partnership, S corporation or C corporation), choose Turbo, and tax business. Find more tax deductions so you can keep more of the money you earn with Turbo, and tax self-employed.
You could be wondering “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.