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itsmojo
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Started new LLC in 2016. Have expenses such as business insurance but no income generated. How/where/can this be reported?

 
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Started new LLC in 2016. Have expenses such as business insurance but no income generated. How/where/can this be reported?

First you will need to upgrade to TurboTax Self-Employed version if you are using TurboTax Online. You can use that version for a single-member LLC, to report your expenses. These expenses will go on the Schedule C. 

It looks like you are in Premier right now. You can find the Self-Employed version here https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp See below for more details.  

NOTE: If you are a multi-member LLC, you will need to use TurboTax Business version. TurboTax Business is a Windows-only software program available as a CD or download. You can find it here https://turbotax.intuit.com/small-business-taxes/

In Self-Employed, follow these steps to get to where you need to start entering the details to create the Schedule C, so that you can enter your business expenses. 

  • Log into your account and click orange Take me to my return button
  • Type schedule c in the Search box in top right corner
  • Click on jump to schedule c and this should bring you to the Did you have any income and expenses for a business in 2016? screen and you choose Yes there. 
  • It will ask you some information about your business and once you get the the Your Business page, scroll down to Business Expenses and start entering your expenses there. Insurance would go under Other Common Business Expenses

https://ttlc.intuit.com/replies/5566010

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1 Reply

Started new LLC in 2016. Have expenses such as business insurance but no income generated. How/where/can this be reported?

First you will need to upgrade to TurboTax Self-Employed version if you are using TurboTax Online. You can use that version for a single-member LLC, to report your expenses. These expenses will go on the Schedule C. 

It looks like you are in Premier right now. You can find the Self-Employed version here https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp See below for more details.  

NOTE: If you are a multi-member LLC, you will need to use TurboTax Business version. TurboTax Business is a Windows-only software program available as a CD or download. You can find it here https://turbotax.intuit.com/small-business-taxes/

In Self-Employed, follow these steps to get to where you need to start entering the details to create the Schedule C, so that you can enter your business expenses. 

  • Log into your account and click orange Take me to my return button
  • Type schedule c in the Search box in top right corner
  • Click on jump to schedule c and this should bring you to the Did you have any income and expenses for a business in 2016? screen and you choose Yes there. 
  • It will ask you some information about your business and once you get the the Your Business page, scroll down to Business Expenses and start entering your expenses there. Insurance would go under Other Common Business Expenses

https://ttlc.intuit.com/replies/5566010

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