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I am the sole owner of a small LLC company and my wife works for another company as an employee...what forms do I download?

 
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I am the sole owner of a small LLC company and my wife works for another company as an employee...what forms do I download?

TurboTax completes the forms for you when you report her W-2 and your Schedule C. 

I am the sole owner of a small LLC company and my wife works for another company as an employee...what forms do I download?

They both go on your personal 1040 return.   If you use the Online version you will need to use Premium to enter your Single Member LLC business.  If you buy the Desktop program you can buy any version.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 


You file the business on Schedule C unless your Single Member LLC was set up as an S Corp (post back if you are a S corp).  It is a disregarded entity and you report it as self employment.

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400 in addition to any regular income tax on the net profit.   The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

 

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