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I have a small business that I want to legalize, but I need to back tax. Does turbo tax do that

 
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1 Reply
rjs
Level 15
Level 15

I have a small business that I want to legalize, but I need to back tax. Does turbo tax do that

Do you mean that you need to file tax returns for the business for past years that you did not file? TurboTax will not prepare the past-year tax returns for you.


If you filed personal tax returns for past years but omitted income from the business, you have to file amended returns to add the business income. TurboTax will not do that for you either.


Depending on the years involved and the type of business structure, you might be able to purchase TurboTax software for the applicable years and prepare the tax returns yourself. But you would probably be better off going to a local tax professional.

 

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