Own a business and work full-time for a company

eric-hunter — Sat, 01 Jun 2019 02:30:05 GMT

What would be the best option for filling taxes if I own an LLC and work for an institution?

What kind of business? If it's a sole proprietorship or...

Critter — Sat, 01 Jun 2019 02:30:06 GMT

What kind of business?

If it's a sole proprietorship or single-member LLC, it should have been included in your personal return.

If it's a multi-member LLC, a partnership, or an S corporation, information from the business return has to be included in your personal return, so you should have done the business return first.

Only if the business is a C corporation is it possible that the business return will not affect your personal return. In all the other cases, you will have to file an amended personal return after you complete the business return, or to include the business in your personal return, as appropriate.

To file a return for a multi-member LLC, partnership, S corporation, or C corporation, you need TurboTax Business, which is a different product from Home & Business. TurboTax Business is not available online. It's available only as a program that you install on your Windows computer from a CD or a download. You can learn more about TurboTax Business, and purchase it, at the following link.

https://turbotax.intuit.com/small-business-taxes/

To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version when using the online program.

All the 2016 downloaded programs will handle the personal return.

View this product guide chart to see which product is best for you:
https://turbotax.intuit.com/lp/ty14/desktop/lp1.jsp#irs-forms

topic Own a business and work full-time for a company in Business & farm

Own a business and work full-time for a company

What kind of business? If it's a sole proprietorship or...