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Went from single owner LLC to 2 owner LLC. I previously filed using home & business edition. What edition should I switch to?
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June 5, 2019
3:56 PM
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Business & farm
Just to give you a 'heads up': The extended Partnership return was due yesterday. If you filed a Partnership extension (which is a separate extension from your personal tax return), the late-filing penalty is now $390. If you did not file a Partnership extension, the late-filing penalty is now up to $2730.
June 5, 2019
3:56 PM
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Business & farm
You should be filing a Partnership tax return, Form 1065, since you are now a multi-member LLC.
To complete and file a Form 1065 you would need to use the TurboTax Business Edition. The Business Edition can only be installed on a Windows based computer, not on a Mac or online. The Business Edition cannot complete a personal tax return, Form 1040.
Go to this website for the TurboTax Business Edition - https://turbotax.intuit.com/small-business-taxes/
June 5, 2019
3:56 PM