I started C-Corp, and I also registered an LLC. The C-Corp provides business to business services, the LLC is for programming apps.
I need an app for my C-Corp, can I subcontract the job to my LLC?
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Please explain ... you have 1 C-corp and an LLC ? Or did you register the LLC to be taxed as a C-corp?
Or do you have 2 separate businesses ?
To file the 1120 :
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from Home & Business (or Personal & Small Business). Home & Business is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.
If this is your first 1120 then I highly recommend you seek local professional assistance to get the first return done for the corp and get educated on the filing/payroll/dividend requirements for both the fed & state. Doing things wrong or not setting up your books correctly can cost you dearly in penalties down the road.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
I have 2 different businesses:
1. a C-Corp I established this year
2. an LLC (sole propietership) I have had for years
Again, they are different businesses with different services.
The C-Corp does not have app design as one of its services, so can I contract out the needed programming to my LLC?
@vadindot wrote:The C-Corp does not have app design as one of its services, so can I contract out the needed programming to my LLC?
Your C corporation is a separate, tax-paying, entity.
You will not receive a K-1, but you will need to establish that you are an independent contractor as opposed to an employee of the corporation.
See https://www.irs.gov/pub/irs-pdf/p15a.pdf
See also https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself
1. a C-Corp I established this year Already answered ... see previous answers. If you work for the company you should be a waged employee. And if you take distributions from the corp then they need to be classified as dividends. Again seek local professional assistance to be educated.
2. an LLC (sole propietership) I have had for years Sch C is part of the personal tax return and you will need a personal tax program for that return.... see info below.
Online for 2020 will open in early December. We cannot give you an exact date or time of day that it will open. Just keep checking for it ---if you want to start you could use desktop for 2020--desktop (CD/download) is already available.
https://turbotax.intuit.com/personal-taxes/cd-download/
You can also purchase the CD/download from various retailers such as Costco, Amazon, Walmart, Best Buy, Staples, Sam’s Club, etc. etc. etc.
This link Where can I obtain authentic TurboTax software? has a list of authorized TurboTax resellers.
Please be careful about being in too much of a hurry to file your next tax return. Many tax forms are not available at the very beginning of the tax season, so you have to wait for your forms. The software still needs updates at the beginning of the tax season.
Although the software will allow you to e-file in early January, the IRS does not begin to accept the e-files until almost the end of the month. So your return just sits on the server. If you realize that you made a mistake or left something out—as many people do—you cannot change it.
Every year we see people who are in such a rush to file that they file incorrectly and incompletely. If you file too early and leave out a W-2 or a 1099, or forget to enter information, you will end up having to amend your tax return---and that takes months. Employers have until the end of January to issue W-2's----and ALL of your 2020 W-2's have to be on the same tax return. Many of the 1099's and 1098's you need do not arrive until late January or sometime in February. If you are getting Earned Income Credit or Additional Child Tax Credit, the IRS is going to hold your refund until the end of February no matter how early you file. There seems to be a greater chance of "early" returns being reviewed and those refunds are delayed, or early returns are more often subject to identity verification--which will also delay processing. Filing too early may just be a recipe for a delayed refund. It might go more smoothly for you if you wait until at least mid-February to file instead of e-filing during the first minute that you can do it.
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