John-H2021
Employee Tax Expert

Get your taxes done using TurboTax

Hello,

You can still use TurboTax to complete your tax return.

 

A LLC is taxed just like a self-employed business is, you will report your income and expenses on the schedule C (self-employment) and that becomes part of your individual return.

 

You should keep copies of all your expenses, and you will enter them into the tax return, or you may be able to import them from your bank or QuickBooks if you are using that for your bookkeeping software.

 

You should file a return your first year in business and report your startup cost.

 

If you decide to close the business, you will still file a tax return you just won’t have the schedule C on it.

 

Here are a few links with more detailed information in them.

https://blog.turbotax.intuit.com/self-employed/tax-tips-for-the-self-employed-2297/

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

https://turbotax.intuit.com/tax-tips/small-business-taxes/llc-tax-filing-rules/L39E29kPR?srsltid=Afm...

 

 

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