If you operate your business using a limited liability company (
LLC), then you have more flexibility in choosing how the IRS taxes your business earnings. Your choice will directly influence the tax filing rules you are subject to. There is no set of tax rules that specifically apply to LLCs; the IRS allows the LLC to use
partnership,
corporate or
sole proprietor tax rules.
Single-member LLC (sole proprietorship)If you're a sole proprietor who formed an LLC with just yourself as a member, you'll file
Schedule C with your Form 1040 and include all LLC income and deductions there.
What Is a Schedule C IRS form?
TurboTax Home & Business has everything you need to file your personal return along with your Schedule C. It's available as a CD/Download for Windows and Mac or Online as TurboTax Self Employed.
Multi-member LLC (partnership)A multi-member LLC will need to use
TurboTax Business to prepare and file
Form 1065 (U.S. Return of Partnership Income).
TurboTax Business (Windows only) contains everything you'll need to prepare
Form 1065 and the associated
Schedule K-1 forms.
It also lets you prepare W-2 and 1099 forms for employees and contractors that work for your LLC.
[Edited: 01/23/2018 [6:32 pm]]
