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New Member
posted Jun 4, 2019 11:09:36 PM

Where do I list my LLC business expenses?

The answer says: If you're a sole proprietor or single-member LLC, your business income and expenses are reported on your personal (individual) tax return, which means that filing a Form 4868 also extends the business portion of your return.  
However, I don't see a spot for LLC small business deductions anywhere in the Premier TurboTax version.  
Thanks for any help.

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2 Replies
New Member
Jun 4, 2019 11:09:37 PM

Depending on your type income from this single member LLC, you may need to upgrade to TurboTax Self-Employed to enter your LLC expenses.

Single member LLC - (or husband/wife LLC in a community property state and you elect disregarded entity) is considered a disregarded entity for US federal income tax purposes. You will include the income and expenses on a Schedule C attached to your personal income tax return. (This would require an upgrade to TurboTax Self-Employed.) However, if this is a rental property LLC that is a disregarded entity, you will report the rental income and expenses on Schedule E. (You will need TurboTax Premier or higher to report rental income and expenses.)

For more information see Single Member Limited Liability Companies

Once you have signed into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C". Follow the TurboTax guidelines when entering this information. ("Schedule E" if rental.)

You would be able to claim any ordinary and necessary business expense that relate to your self-employment home business.

This can include such things as any unreimbursed business miles driven to a client or work location, home office expense if you uses a part of your home exclusively for your job and supplies or equipment used in your work to name just a few.

Please refer to this IRS link for more information about Business Expenses


Level 15
Jun 4, 2019 11:09:39 PM

Right, you can only enter business income in the lower versions.  For ANY expenses you need to upgrade to the Self Employed version.