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Can I use the TurboTax "Deluxe" version to file under Section 179 for a Limited Liability Company, LLC? (thank you!)
I operate a "Limited Liability Company (LLC) in the state of Minnesota. I am the owner and sole employee. II would like to claim a one-year 100% depreciation on computer equipment purchased in 2017 for my company. I understand this can be done by filing the amount of the expense on Form 4562 (Depreciation) under Section 179 (which then updates the Schedule C). Is this the correct procedure for filing under Section 179 and can this be accomplished using the "Deluxe" version of TurboTax? (Or, should I use the TurboTax "Home and Business"version instead of TurboTax "Deluxe"?
Thank you!
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Business & farm
Yes, but Home and Business may be better for a small business.
The TurboTax Deluxe product does support Schedule C and Form 4562, Depreciation and Amortization. To see a complete list of the supported tax forms in Deluxe, please click on the link provided below:
https://turbotax.intuit.com/personal-taxes/online/deluxe.jsp
If you have expenses too, see below:
TurboTax Self-Employed or TurboTax Home and Business enables independent contractors, consultants, freelancers, and other self-employed taxpayers to file Schedule C for their business, along with a 1040 for their personal taxes. .
However, you can use TurboTax Deluxe if you don't have any self-employed expenses to report