Small business taxes

Jenniferfaulk2 · ‎April 02, 2025

What is the best way to save money on taxes fir a small business, LLC and single owner?

ThomasM125

The best way is to keep tract of all your expenses. Any expense that is necessary and ordinary for your business can be deducted. Also, put as much money away in a retirement account as possible. Contributions to it will grow tax free until you take a distribution in the case of a traditional retirement account or earn you income that is never taxed in the case of a ROTH retirement account.

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VolvoGirl

Is your Single Member LLC a S corp? If you elected to be an S Corp you need to file a separate Business return. You will need Turbo Tax Business for Windows. It is not available to do online or on a Mac. And it will not do your personal 1040 return. You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's Business program here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

If you are not an S Corp it is a disregarded entity and you file it as self employment in your personal return on Schedule C. In the Online version you need to use Premium. Or you can buy any Desktop program. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.