Last year I filed taxes with TurboTax based only on my hospital job with my W2 form. I had no deductions. This year I will need to do the same, however now I also am a co-owner of an LLC business, which will have many deductions (and low income, as it is our first year). I am trying to figure out if I need to use two different programs and forms, or if I can do this all in one place and with one program.
I am also wondering about how to best submit my deductions for my LLC. My partner and I co-own the LLC 50/50. All of our business expenses are shared 50/50 as are al of our profits. Should we each report 100% of deductions and 100% of income? (Ie. should we file essentially the same thing? Or should we only be filing for our half of the deductions and our half of the income?)
Actually the first year you should go to an accountant to set it up right and get you started.
You need to file a separate Business return for the LLC. Then you will each get a K-1 to enter into your personal return. Who is preparing the LLC return?
You will need Turbo Tax Business.
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 the Desktop Home & Business program or the Online Self Employed version.
But 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
So you will need to use a Windows computer. Does your partner use Windows?
Then for you personal return any personal Desktop program will handle the K-1 you get.
If you use the Online version you need Premier to enter a K-1.