@MARSurf wrote:
What steps need to be taken to have that business income taxed as a corporation and what product (or products) from TurboTax will allow me to accomplish this?
The very first step you should take would be to seek an in-person consultation with a local tax professional where you can state your goals, concerns, and receive relevant and accurate advice and information.
TurboTax Business contains the forms (below) necessary to make the elections for your LLC to be taxed as a C or an S corporation and also to prepare the appropriate income tax returns for those entities. Be advised that the election forms must be timely filed.
Form 8832: Use to elect to be taxed as a C corporation.
Form 2553: Use to elect to be taxed as an S corporation.
Note that TurboTax Business cannot be used to prepare your individual income tax return (e.g., Form 1040) so you would need a personal version of TurboTax for that purpose in addition to TurboTax Business.
Again, seek professional advice prior to making a decision on changing entities for tax purposes.
