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:
Thank you for any input.
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Hello kmzimm20,
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)
Hello kmzimm20,
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)
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
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.
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