TurboTax 2018 Business

[quickc]

I just purchased turbotax 2018 business so i could start tracking my new business for 2019 and get k-1s out to the members for June reporting. How can i get everything to update to 2019?

[tagteam]

You stated this is a "new business for 2019", so be advised that 2018 TurboTax Business is for 2018 calendar year returns and fiscal years that begin in 2018 and end in 2019 (if your business began in 2019, you will need 2019 TurboTax Business, which won't be available until late fall of this year).

If your fiscal year in fact started in 2018, and you have never used TurboTax Business previously, then you will have to enter everything from scratch. TurboTax Business can only import data from QuickBooks and transfer in prior year tax returns (obviously of the same type) prepared with TurboTax Business.

[Critter]

What you need is an accounting program to keep your books so when the tax season comes around you are prepared.  If you are new to running a business I highly recommend you seek professional guidance to get things done correctly to start with and avoid issues and penalties later.