My business is an LLC I am not a Sole Proprietor. Please help me correct my tax information to reflect my LLC business.

d2rpublishing — Tue, 04 Jun 2019 19:56:06 GMT

I need to file my taxes as an LLc business not an Sole Proprietorship.

It depends. LLC companies are considered a disregarded e...

DanielV01 — Tue, 04 Jun 2019 19:56:07 GMT

It depends. LLC companies are considered a disregarded entity by the IRS, which means it does not change the tax structure of your business. If you are a sole owner of your LLC, then you are either a sole proprietorship or an S-corp. To be an S-corp requires articles of incorporation with your state. LLC status also requires paperwork (and TurboTax can assist you with your LLC filing in the State Taxes section), but if you are the only owner and are not an S-corp structure, then you are a sole proprietor required to file for the IRS on Schedule C.

If you are an S-corp, however, you will need to file your business tax return (Form 1120-S, which is a pass-through return; your business itself is not taxed) by using TurboTax Business. You will need to download this program and install it in your computer in order to prepare your business return. It is not available in an online format. The business return will generate form K-1 for your personal return, which will be filed using TurboTax Deluxe or higher.

topic My business is an LLC I am not a Sole Proprietor. Please help me correct my tax information to reflect my LLC business. in Business & farm

My business is an LLC I am not a Sole Proprietor. Please help me correct my tax information to reflect my LLC business.

It depends. LLC companies are considered a disregarded e...