AmandaR1
New Member

Business & farm

The software you need and if you're self-employed, will depend on how many "members" (owners) your LLC has.  If it's just you, as a Single Owner LLC; then you can use the TurboTax Self-Employed Edition and file your business activity on a schedule C, reporting all income and expenses, with your personal tax return. This is the easier option because everything is done within your personal form.

However, if your LLC is a "Multi-Member" (more than one owner), then you'll default to be taxed as a partnership (unless the only partner is a spouse because you're in a community property state, let me know if this applies). As a partnership your business will first file it's own tax return form 1065, which you can do with the TurboTax Business software found HERE. Then, you and the other partner(s) will receive a schedule K-1 reporting your share of the partnership LLC activity. You'll then report the K-1 on your personal tax form, which you can do with the Deluxe Edition.

Purchasing vending machines with the intention to make a profit does sound like a qualified business activity. Also, the forming of the LLC does trigger business filing as well. LLCs are disregarded entities (they have no tax form) and you can read more about these tax rules at the IRS HERE.

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