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I file as a single owner LLC.  We file using TurboTax for small businesses and file both our family's taxes and business taxes together.  
For an owners draw on a schedule C sole proprietorship (and a single member LLC not electing to be treated differently), an owner's draw itself is not directly taxable.  However, you do pay taxes ba... See more...
For an owners draw on a schedule C sole proprietorship (and a single member LLC not electing to be treated differently), an owner's draw itself is not directly taxable.  However, you do pay taxes based on your business's net income (income less expenses), regardless of the draw amount. For self-employment you should be calculating and paying estimated quarterly taxes (income tax and payroll).   you could use our tax calculator to assist you with the number. https://turbotax.intuit.com/tax-tools/calculators/self-employed/ If you have elected S-corp status, you are required to be issuing yourself payroll checks (reasonable compensation) before draws - distributions. If you have partners or a multiple member LLC (partnership), you could possibly be having a reduction in your Partner's Capital Account or possibly a guaranteed payment depending on the nature of the cash out and you could be subject to self employment taxes.
Yes, you need to issue 1099 to bookkeeper if payment is $600 or more.  You may also want to ask them to fill out form W9 that will provide all the info. you need to issue 1099.    **Please cheer ... See more...
Yes, you need to issue 1099 to bookkeeper if payment is $600 or more.  You may also want to ask them to fill out form W9 that will provide all the info. you need to issue 1099.    **Please cheer or say thanks by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer" Regards, TurboTax Expert
What kind of business return do you file?  If you just file it on Schedule C in your personal return you do not report or enter your pay or withdrawals.    Sole proprietors cannot take a withdra... See more...
What kind of business return do you file?  If you just file it on Schedule C in your personal return you do not report or enter your pay or withdrawals.    Sole proprietors cannot take a withdrawal or salary and include it as an expense on their tax return. As a sole proprietor, you are not an employee of the business. You don't pay yourself or enter a salary or withdrawal for yourself. All the business income and expenses are your personal income and expenses in the first place. You just fill out a Schedule C. The net profit or loss is your income.  If you have a net profit of $400 or more on schedule C you will pay SE self employment tax on it in addition to your regular income tax. It's all included on your personal 1040 form.  
Is an LLC required to charge sales tax to client?
I pay someone to do my bookkeeping, do I need to send them a 1099 at the end of the year or simply categorizing this expense as professional services on my sch c enough?
How should I handle owner pay/withdrawals? Do I need to pay taxes on owner withdrawals if they are to pay back a previous investment and how should that be reported on taxes?
A sole proprietor doesn't issue themselves a W-2.  They take what's commonly referred to as "Owner's draws".  Reporting profit and loss is accomplished by using a schedule C that records income and e... See more...
A sole proprietor doesn't issue themselves a W-2.  They take what's commonly referred to as "Owner's draws".  Reporting profit and loss is accomplished by using a schedule C that records income and expenses.  You will be taxed on the profit, whether or not you take any of it out as owner's draws.  You may also take an owner's draw out of the company at any time, so it may be money you already paid tax on, if you had chosen to leave profits in the company from a prior year.   In addition to paying income tax on any profit in the year it's earned, you are subject to self-employment tax reported on schedule SE.  This in a way substitutes for the W-2 withholding an employer would do for social security and Medicare.     We have some great resources available on our Self-Employment Hub.   Hope this helps! Cindy    
I keep all my receipts for literally everything - groceries, tools, rent, clothes, all things. This is kind of a two part question because I also want to know, as a nutrition coach who posts content ... See more...
I keep all my receipts for literally everything - groceries, tools, rent, clothes, all things. This is kind of a two part question because I also want to know, as a nutrition coach who posts content almost daily of what she is eating as part of her marketing plan - is it okay to write off groceries as "marketing supplies?" Or would that fall into another category all together for self employed? Then, follow up to that - do I need to keep receipts for everything I buy for multiple years or just until my tax return is accepted? If I do keep receipts - do I only need to keep them for business expenses? TIA for whoever tackles this!
Are you downloading from Intuit's download page here? https://turbotax.intuit.com/personal-taxes/cd-download/install-turbotax/   I just downloaded both Premier and Home & Business and had no issue... See more...
Are you downloading from Intuit's download page here? https://turbotax.intuit.com/personal-taxes/cd-download/install-turbotax/   I just downloaded both Premier and Home & Business and had no issues (though both installers use the same filename).  Also had no problem launching the Premier installer (though it warned me that TT is not supported on Windows 10).  Also previously ran the Home & Business installer to completion on my Windows 11 virtual machine.   Try turning off your VPN and disabling antivirus software until you get the installer downloaded and installed? Are you using something like O&O ShutUp to restrict what Windows can do with regards to collecting and "sharing" data with Microsoft?  If so then try disabling that temporarily as well.  (Though I'm also using that on my PC and VMs and had no problems with downloading and installing TT.)   P.S. I just tried downloading Deluxe from that link I posted and had no problems downloading and launching the installer.  Note that the first thing it does after extracting files is to present the standard UAC privilege elevation dialog.  If Windows on your PC is tweaked with regards to UAC then that may explain why "nothing" happens?
What do I need to do when I pay myself and take a withdraw from my companies profit  
"What surprises me is that users don't trust Turbotax but the IRS stores copies of taxpayer's returns for 7 years."   Yeah well I don't think many of us "trust" the IRS either.  🙄   "While I nev... See more...
"What surprises me is that users don't trust Turbotax but the IRS stores copies of taxpayer's returns for 7 years."   Yeah well I don't think many of us "trust" the IRS either.  🙄   "While I never seen anything that would indicate the IRS has been hacked, that doesn't mean it hasn't happened or won't happen in the future. (not completely true since I think an IC doing work for the IRS accessed DJT's returns)"   Our taxes hard at work, paying one .gov agency to spy on elected officials by rummaging through another .gov agency's files...   "And look at all the fortune 500 companies that have been hacked including those that do secret projects for our military!"   Don't even get me started on the OPM hack!  Yeah, they're all highly trustworthy in my humble opinion.  🤡  </snark>
If your refund was directed to a closed account it will be delayed--nothing to do to keep that from happening.  It will go back to the IRS or to the third party bank that handles refund processing, a... See more...
If your refund was directed to a closed account it will be delayed--nothing to do to keep that from happening.  It will go back to the IRS or to the third party bank that handles refund processing, and a check will have to be issued and mailed to you.   Here is what the IRS says about entering incorrect banking information https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refund-inquiries/refund-inquiries-18     If you chose to have your fees deducted from your federal refund, but entered wrong or closed bank account information for your direct deposit, you are going to have an aggravating, frustrating situation.  Your refund will go back to the third party bank. The third party bank might issue and mail you a check, or they might send your refund back to the IRS and then you will have to wait for the IRS to mail you a check.     If the third party bank mails the check, it will come in a plain envelope via first class mail so make sure you open all mail and do not assume anything is junk mail without opening it.  While you are waiting, make sure that the address you entered on your tax return is correct, or your problem will be even worse.   When you choose “refund processing” your refund goes FIRST  from the IRS to the third party bank.  Then the bank takes your fees out of your refund and sends the rest of the refund to you.     How can I see my TurboTax  fees?    https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k   What is Refund Processing Service?         Santa Barbara Tax Products Group, LLC  (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction.    You can contact them SBTPG, toll-free, at 1-877-908-7228 or go to their secure website www.sbtpg.com     
El primer paso que sugiero es consultar el estado de su reembolso en el sitio web del IRS: ¿Dónde está mi reembolso?   Si la herramienta indica que el reembolso fue enviado, pero no lo recibiste,... See more...
El primer paso que sugiero es consultar el estado de su reembolso en el sitio web del IRS: ¿Dónde está mi reembolso?   Si la herramienta indica que el reembolso fue enviado, pero no lo recibiste, puedes pedir al IRS que inicie un rastreo del reembolso. Llama al IRS al 1-800-829-1954 y pide un rastreo. Si el IRS dice que ya presentaste la declaración y tú no la hiciste, es posible que alguien haya usado tu información para presentar una declaración falsa (robo de identidad). En ese caso, siga los pasos de este Artículo de Ayuda.
Thank you GabiU for fixing it.     His reply post got posted separately or disconnected from this thread https://ttlc.intuit.com/community/taxes/discussion/re-home-business-senior-deduction/01/371... See more...
Thank you GabiU for fixing it.     His reply post got posted separately or disconnected from this thread https://ttlc.intuit.com/community/taxes/discussion/re-home-business-senior-deduction/01/3711598#M1374292 
I can't even get the program to download; I've tried 7 times over the last week.  Windows 11.  Anyone else having this issue?
Here is what the IRS says about entering incorrect banking information https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refun... See more...
Here is what the IRS says about entering incorrect banking information https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refund-inquiries/refund-inquiries-18   If you chose to have your fees deducted from your federal refund, but entered wrong or closed bank account information for your direct deposit, you are going to have an aggravating, frustrating situation.  Your refund will go back to the third party bank. The third party bank might issue and mail you a check, or they might send your refund back to the IRS and then you will have to wait for the IRS to mail you a check.     If the third party bank mails the check, it will come in a plain envelope via first class mail so make sure you open all mail and do not assume anything is junk mail without opening it.  While you are waiting, make sure that the address you entered on your tax return is correct, or your problem will be even worse.   When you choose “refund processing” your refund goes FIRST  from the IRS to the third party bank.  Then the bank takes your fees out of your refund and sends the rest of the refund to you.       How can I see my TurboTax  fees?    https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k   What is Refund Processing Service?         Santa Barbara Tax Products Group, LLC  (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction.    You can contact them SBTPG, toll-free, at 1-877-908-7228 or go to their secure website www.sbtpg.com       
This is for a PA tax return. How or who can I contact at the PA department of revenue to see if they can research an ACH trace number to validate that the payment was made?