General question about filing Single person LLC taxes through Intuit

[kmzimm20]

I have used Turbo Tax for years for filing my personal taxes but was employed full time as a W2 employee.
Last year I lost my full-time job and my income this year is a lot less and through my single person LLC in Michigan.

My questions about using Turbo Tax going forward:

1. Can I do all my own LLC taxes through Turbo Tax?  I'm guessing yes but have to ask.
2. Is the process similar to personal taxes where they walk you through each step, ask questions etc?
3. What is the additional cost and what does that cover?  for instance, does that cover the quarterly estimated tax?
4. What if I have 3 quarters with no income... can I file the quarterly tax filing for free just indicating no income?  Should I just do that via paper since it is well in the past anyway?

Thank you for any input.

[AR_CPA2 · Accepted solution]

Hello kmzimm20,

1. Yes, of course, you may still use TurboTax to file your taxes even if you have less W-2 income or No W-2 income and more of self-employment income (Single Member LLC).
2. Yes, the process is similar, read every single screen and answer the question.  Software will do all the work behind the scene.  You can call TurboTax Live with any questions that come up along the way.
3. We have different versions in the software, Deluxe or Premium.  You will need the Premium version to report your self-employment income. It is a little bit more expensive than the Deluxe version. TurboTax software can help you estimate the quarterly taxes for the following year, but you need to file them yourself outside of the TurboTax software.
4. For Tax Year 2024, the due date for paying estimated taxes for the first 3 quarters is already passed.  So nothing you can do about that.  You may send in the 4th Quarterly Estimated Tax via mail or you could pay it online on irs.gov

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

[dsoile]

Hello knzimm20

1) Yes, you can do your sm-LLC taxes through TurboTax. You will simply be doing your regular Form 1040, except, that the activity of your sm-LLC will be reported on a Schedule C (form that is part of the 1040), thus you will not have to do a separate return for your sm-LLC 

2)  The process is exactly like that of doing your personal tax returns in that a series of questions you will answer about your unique tax situation still apply

3) Since you are essentially filling out a 1040, with caveat being you filling out a Schedule C for your sm-LLC activity, there is no additional cost. It will simply be the cost you would pay for using our TurboTax online (premier or sole-proprietor) or desktop (premier or home and business) product.  I am assuming this part relates to estimated tax payments...There is no cost for reporting estimated tax payments you have (or plan to) make. You will report those payments in your Form 1040, if you made such payments during the tax year in question. You cannot file quarterly tax payments via TurboTax. You may be referring to filing payroll taxes... (Employers typically file quarterly payroll taxes via Form 941)

4) Regardless of income or lack there-of during the first 3 quarters, you cannot file quarterly tax payments via TurboTax. If you made any quarterly tax payments, you would just report them on separate section (tax payments) on your Form 1040. 

I hope this helps

[rjs]

@kmzimm20 

There is no "quarterly tax filing." You don't file a quarterly tax return. You just make quarterly estimated tax payments. You don't make the payments through TurboTax.