My husband and I started a new business in October 2014, established the company as an S-Corp. Can we use TurboTax Business to file our taxes? I have an accountant but since we just started and really only have a few thousand in expenses I was hoping we could do this ourselves as there is no income for 2014 and minimal expenses. I was advised by someone else that I could not do this in TurboTax business because we were an S Corp as of October 27, 2014; however, when I look at the description for Turbotax business, S-Corp is listed so want to make sure this is correct and that I can file the business taxes using Turbotax Business. S
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Can we use TurboTax Business to file our taxes?
Yes, you can. To prepare a corporate, trust or partnership return you would need Turbotax Business. This is a separate program from Turbotax Home and Business. TT Business is a program only available for desktop use (there is no on-line version.) See http://turbotax.intuit.com/small-business-taxes/
Turbotax Business will prepare
Form 1120-S for S-Corporations
Form 1120 for C-Corporations
Form 1041 for Estate or Trusts, and
Form 1065 for Partnerships
To prepare a personal return, depending on it's complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version.
Can we use TurboTax Business to file our taxes?
Yes, you can. To prepare a corporate, trust or partnership return you would need Turbotax Business. This is a separate program from Turbotax Home and Business. TT Business is a program only available for desktop use (there is no on-line version.) See http://turbotax.intuit.com/small-business-taxes/
Turbotax Business will prepare
Form 1120-S for S-Corporations
Form 1120 for C-Corporations
Form 1041 for Estate or Trusts, and
Form 1065 for Partnerships
To prepare a personal return, depending on it's complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version.
Can I just use a K-1 form and 1120 forms from IRS website, fill it with zero entries and send it to IRS?
You can do that but make sure you download a Form 1120-S for an S-Corporation. An 1120 is for a regular corporation.
is Premier good or should I get Home/Business TTAX?
Because of the consulting business you would need Home and Business. Premier will not create business schedules.
Agreed, all other versions are available for both platforms. I'd like to know about Mac as well.
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