I have a single member LLC and am using online self employed. I can't find anywhere to indicate I have an LLC. Do I need to? Is just putting in the revenue and expenses adequate? If not, where do I enter the LLC info, or do I need another version?
Yes, to enter your revenue and expenses for your single member LLC you can use TurboTax Self-Employed.
Single Member LLC's are treated as a "disregarded entity" and are not required to file a separate tax return. Instead, your income and expenses of your LLC will be reported on Schedule C of your personal tax return. Nothing on your return will be required to indicate that your business is an LLC.
To enter your business data in TurboTax, take the following steps:
In your federal return within TurboTax, under the Income & Expenses tab on the top of the screen, select the Self-Employment Income & Expenses section. This is where you will enter your business information, income and expenses.
Thanks for the response, but I still have a question:
How do we pay the quarterly taxes inside Quickbooks Self Employed, I enrolled with eftps using my LLC's EIN and quickbooks shows: "Be sure to enroll as an individual with your Social Security number. This won't work if you enroll as a business with your EIN."
Should I skip the quarterly payments and just file the final IRS in 2020?
Agreeing with @JulieCo excellent answer, just want to add that since this is dis-regarded entity ( for tax purposes ), the eftps registration needs to be using your SSN and not the LLC EIN. When you have emplyoees you will need to use the EIN & EFTPS / similar facility to deposit the withholding ( Employee withholding ). Also your life would be a lot easier if your clients use your SSN for issuing any 1099-misc. Hope this clarifies
Oh, ok, thank you so much for the answer. So since I enrolled with EFTPS payments using the EIN but never pay's any quarter yet, should I just ignore that and enroll my SSN instead?