Purchase of business franchise

ShaunoftheUK — Tue, 10 Mar 2026 07:01:21 GMT

I purchased a franchise last month for 25k and started an LLC. Are there any good articles or services TurboTax offers that can help be set off on the right track? I am a first time business owner and want to make sure I am navigating the tax world efficiently.

Re: Purchase of business franchise

CatherineR — Wed, 16 Nov 2022 19:10:47 GMT

Congratulations on becoming a new business owner!

First item to discuss is the LLC. If it was set up as a single member/owner LLC (SMLLC) then it is disregarded for additional partnership tax reporting which means no additional tax return is required like a partnership return form 1065. The income and expenses of the business will be reported as a schedule C on your personal 1040 tax return.

If an LLC is owned by multiple members or by a husband and wife in a non-community property state the LLC should file as a partnership. However, in community property states you can have your multi-member (husband and wife owners) and that LLC can get treated as a SMLLC for tax purposes.

Once you have the reporting requirements figured out you are ready to review income and expense rules for the business. The IRS has a great resource for business owners that discusses all the tax aspects. It can be found here:

IRS small business owner tax center

Also you may want to review the rules regarding start up expenses found here on the Turbo Tax link:

Turbo tax start up costs

Bookkeeping and tracking your income and expenses will be very important come tax time. Be sure to use an accounting software that meets your needs for the business. I recommend the Quick Books Online version that is offered by Intuit. More information can be obtained at this website

Quick Books

Good luck on your new venture!

Re: Purchase of business franchise

BarbL — Wed, 16 Nov 2022 19:14:19 GMT

Catherine offered some excellent advice! I'd also like to point you to our Life Event Hub for various articles related to getting started with your new business. It is updated frequently with new articles and information.

Starting a Business

topic Purchase of business franchise in Get your taxes done using TurboTax

Purchase of business franchise

Re: Purchase of business franchise

Re: Purchase of business franchise