topic Is turbotax self employed the same as turbotax home and business? in Get your taxes done using TurboTax

Is turbotax self employed the same as turbotax home and business?

eutopiantraderll — Thu, 06 Jun 2019 12:56:36 GMT

his keeps screwing me up. I was supposed to have bought the software version that is for a single member LLC. But everytime I look for forms for example, I saw a question that said what version turbotax do I need to a schedule c, and the answer is self employed, but I have home and business. I feel so dumb tonight.

In some ways, yes; in some ways, no. The Self-Employed Ed...

mesquitebean — Thu, 06 Jun 2019 12:56:39 GMT

In some ways, yes; in some ways, no.

The Self-Employed Edition is the old online version of Home and Business. The name of the online product changed this year for 2016.

The desktop software (CD/download) is still called "Home and Business."

The desktop version (Home and Business) is more fully-featured. It can prepare multiple returns, includes a state program, and has Forms Mode for viewing/editing forms during preparation.

In the online editions, only Self-Employed can prepare a Schedule C with expenses. But in the desktop editions, all editions can prepare Schedule C.

Thank you for that detail. Ok, then I think I need to ask...

eutopiantraderll — Thu, 06 Jun 2019 12:56:42 GMT

Thank you for that detail. Ok, then I think I need to ask further. I guess I still am not sure which one I should use. I have a single member LLC. I know I will need to file a schedule C, as well as a ton of deductions. I also know that one of them has a way for me to deduct some of my startup costs. I know that if I am able to put in the sales income and inventory assets properly, I should never show a profit since all profit was spent on inventory, operating expenses, and other business expenses. I only need to file 1 Federal, and 1 state. One of these also does your quaterly sales tax filing if I am not mistaken? The thing is, I have a TON of deductions, and I do not know if I will need to edit the forms or if the online widget will allow me to add everything. I bought the home and business, because it says it's For self employed so I kind of misread that, I just don't know which one is correct for me. I have no personal income to file as I am on disability and I don't make 50K on disability so my personal taxes will have things like medical deductions, milage etc, but I mostly need to insure I get everything I need to cover for the single member LLC. Do you think I should stay with the desktop or should I request a refund and stick with self employed? Thanks!

The Home and Business product IS for the self-employed....

mesquitebean — Thu, 06 Jun 2019 12:56:44 GMT

The Home and Business product IS for the self-employed.    It is the top desktop edition and has the most help and guidance for the self-employed (sole proprietors, independent contractors, single-member LLC, etc.)

As I said above, the Home and Business Edition is a better product than the online Self-Employed.   It does everything online Self-Employed can do and more.  It also includes a state program as part of the purchase.  (there is a 24.99 fee to efile a state return--except no fee for New York state.  Also no fee to print and mail the state return.)

Home and Business has the popular feature Forms Mode which can be very handy if you have to view/edit something on one of the forms.

You asked:
"One of these also does your quarterly sales tax filing if I am not mistaken?"

I haven't heard anything about that.  I don't think either of those 2 products would do that for a state.  I'm just a fellow user though.

The online Self-Employed Edition did include a compliment...

mesquitebean — Thu, 06 Jun 2019 12:56:47 GMT

The online Self-Employed Edition did include a complimentary subscription to QuickBooks Self-Employed, but that offer expired on April 18, 2017, according to this FAQ:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3401540-what-is-quickbooks-self-employed">https://ttlc.intuit.com/questions/3401540-what-is-quickbooks-self-employed</a>