TurboTax Home & Business - This is the desktop software used to file a personal 1040 tax return that could also include a SCH C for a disregarded business entity. This would be either a sole proprietorship or a single member LLC.
TurboTax Business - This software is available for the Windows operating system only. It is not available for MACs and it is not available as an online product. This program is used to complete and file a tax return for a non-living non-breathing separately taxable entity. This includes Partnerships, multi-member LLC's, S-Corps, C-Corps, Trusts, and Estates. TurboTax business can not be used to file a personal 1040 tax return of any type, as the program does not include any IRS Form 1040 of any type.
WHen you have a business that requires the use of TurboTax Business, then you must complete and file the appropriate business tax return first, be it a 1065 Partnership return, an 1120-S Corporate Return, or an 1120 Corporate return. Upon completing the return you will print a K-1 for each owner/investor in the business and provide that K-1 to each. Owners/Ivestors can not complete their personal 1040 tax return until "AFTER" they have received their K-1.
While generally a personal tax return is due by April 15th, the business tax return has a drop dead due date of March 15th. The penalty for filing a late business return is steep, at $210 per month FOR EACH OWNER of the business. So for example, if you file a late 1065 Partnership return just one day late, that means the late filing penalty will be $410 at a minimum assuming there are only two partners.
For the 2019 tax filing season the filing deadline for a business tax return has been extended until June 15th, 2020. So don't be late. If you file on the 16th, you *will* pay the late filing penalty.
