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yogaswim80
New Member

I go to Turbotax.com to file my taxes for the past 9 years. I started an LLC this year and need to file my biz taxes, I don't see how to do this on turbotax.com. Help?

 
2 Replies
DoninGA
Level 15

I go to Turbotax.com to file my taxes for the past 9 years. I started an LLC this year and need to file my biz taxes, I don't see how to do this on turbotax.com. Help?

It depends on the type of LLC you formed.

If this is a single member LLC that has not incorporated as an S Corp, then your LLC is a disregarded entity for tax purposes and you enter the income and expenses on a Schedule C.  The Schedule C is part of and included with your personal tax return, Form 1040. 

For this type of LLC you can use the TurboTax Self-Employed online edition

https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp

Or if you feel that you would need assistance from a Tax Expert/CPA in completing this tax return you could use the the TurboTax Live Self-Employed edition - https://turbotax.intuit.com/personal-taxes/online/live/self-employed.jsp

 

If your LLC has incorporated as an S Corp or it is a multi-member LLC then you will need the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return Form 1040.  Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

AmyC
Expert Alumni

I go to Turbotax.com to file my taxes for the past 9 years. I started an LLC this year and need to file my biz taxes, I don't see how to do this on turbotax.com. Help?

An LLC is a legal election. Depending on how many are in the LLC, you could be a sole proprietor, a partnership, or an S Corporation.

 

When you filed for your EIN, that paperwork shows what tax form the IRS expects you to file based on what you entered.

 

A sole proprietor can be a disregarded non- entity and file on your personal return with a sch C. You file a form and elect to be treated as an S Corp if that is your preference.

 

If you did not file a form, you are not an S Corp. If you want to be an S Corp, you need to file Form 2553 and instructions.

 

You could be a partnership. That requires the desktop download to a windows machine.

 

No matter which of these you are, the IRS has a business center that helps choose the best business for you, shows how to grow, organize and prosper. Here is my favorite IRS website: Small business

 

@DoninGA has great answers and links in his post that fully explain the business and software needs right above this.

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