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If I set it ups an LLC in CA as a Sole Proprietor can I use Turbo Tax to do my taxes? Also will I need to file a personal and a corp return if I set it up this way?
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If I set it ups an LLC in CA as a Sole Proprietor can I use Turbo Tax to do my taxes? Also will I need to file a personal and a corp return if I set it up this way?
If you are running your business through a single-member LLC that hasn't elected to be taxed as a Subchapter S corporation or a C corporation then sure, you can use TurboTax to do your taxes. In this situation the LLC is a "disregarded entity" to the IRS, i.e., it doesn't exist. You just file the business activity on Schedule C that becomes part your personal income tax return on Form 1040.
To prepare a full-blown Schedule C - one where you report both revenue and expenses - then in TurboTax's "online" world you have to move up to the Self-Employed product.
All "desktop" versions support a full-blown Schedule C but TurboTax Home & Business has the most intensive interviews for sole proprietors/independent contractors.
There should be no need to file a "corp return" in this situation, though you will have to prepare a filing for California so the state can asses you a fee for the "privilege" of having an LLC in that state. The TT California program can handle this.
Tom Young
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If I set it ups an LLC in CA as a Sole Proprietor can I use Turbo Tax to do my taxes? Also will I need to file a personal and a corp return if I set it up this way?
If you are running your business through a single-member LLC that hasn't elected to be taxed as a Subchapter S corporation or a C corporation then sure, you can use TurboTax to do your taxes. In this situation the LLC is a "disregarded entity" to the IRS, i.e., it doesn't exist. You just file the business activity on Schedule C that becomes part your personal income tax return on Form 1040.
To prepare a full-blown Schedule C - one where you report both revenue and expenses - then in TurboTax's "online" world you have to move up to the Self-Employed product.
All "desktop" versions support a full-blown Schedule C but TurboTax Home & Business has the most intensive interviews for sole proprietors/independent contractors.
There should be no need to file a "corp return" in this situation, though you will have to prepare a filing for California so the state can asses you a fee for the "privilege" of having an LLC in that state. The TT California program can handle this.
Tom Young
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