Hi, @Choontan , thanks for the question! To answer:
1) Unfortunately, we do not offer advice on business entities. I can tell you that a single-member LLC is what's called a "disregarded entity" for tax purposes, so it will have no real effect on your tax return. An S Corporation has both advantages and disadvantages that you should carefully consider, there is no right answer. An S Corporation will add a level of complexity to your taxes and business operation, however. This IRS article goes into more detail.
2) Again, advice on how to form an LLC is "out of scope" for us here at TurboTax.
3) Regardless of your business entity, if your spouse is actively working in the business, then she is called an "active participant", which may have tax consequences.
4) Again, not something I'm allowed to advise on, I'm afraid.
5) Finally, a part of your question that I can fully answer! We offer several products that will allow you to do your personal return, which if you are a single-member LLC, a sole proprietor, or even a Qualified Joint Venture with your wife, will include your business income and expenses as well. "Home & Business", "Self-Employed", and "Premium" would all cover this situation. Within those, we offer "do it yourself", "assisted", and "full service" options. However, if you form an S corporation, then you will need to use TurboTax Business to file a business return in addition to your personal return.
Hope this helps, please let me know if this raises additional questions!
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