I started a sole proprietor LLC in August 2016 and have no income.

grapevine — Thu, 06 Jun 2019 14:39:22 GMT

Married filing jointly, but I started an LLC in August of 2016. The LLC is in my name only. No income, only expenses in 2016. What TurboTax product should I use?

As a sole proprietor or Single Member LLC (SMLLC), you ca...

MichaelDC — Thu, 06 Jun 2019 14:39:23 GMT

As a sole proprietor or Single Member LLC (SMLLC), you can continue to use TurboTax Home & Biz (Mac).

TurboTax Business (Windows only, download or CD) is for S Corp, C Corp, partnerships, estates, trusts and multi-member LLCs.

To input your Schedule C LLC activity:

Sign in to your account and click on the Take me to my return button (skip this step if you are already in your return)
Click on Search at the top of the screen
Input "schedule c" in the search box and hit enter
The first link available should be Jump to schedule c - click on this link
TurboTax will walk you through inputting your income, the business information, and expenses

Important: You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C. Your self-employment income for tax purposes will be the profits of the business (which may actually be more or less than the amounts you draw as compensation).

Note: A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S. Please feel free to post any additional details or questions in the comment section.

topic I started a sole proprietor LLC in August 2016 and have no income. in Business & farm

I started a sole proprietor LLC in August 2016 and have no income.

As a sole proprietor or Single Member LLC (SMLLC), you ca...