multi member llc

Forum|Forum|4 years ago
March 4, 2022
2 replies
42 views

Hi. My friend and I started a multi member llc in September of 2021. I am new to the business world so I don't know where to start with my taxes. We haven't made that much money since we just started but I'm not sure what I need. Which turbotax version should I purchase?

DoninGA

Level 15

To complete and file your multi-member LLC tax return you would need the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer, not online or on a Mac. The Business Edition cannot be used to complete a personal tax return.

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

Mike9241

Level 15

if you are new to the business world the wisest approach would be to use a pro for the first year. tax laws and non-tax laws that affect a business are complicated and if you make a mistake the first year, you, the other member, the LLC could find that they have significant legal issues in the future with no way to correct them.

Mike9241