I currently run two business, a single Shareholder S Corp, and a single Member LLC. For many years, I have been preparing my own taxes using Turbo Tax software:
* TT Business to complete the S Corp return and prepare the K1 that I send (to myself)
* TT Home and Business where I bring in the K1 information and complete Schedule C for the LLC
Over the last 5 years, my business have been erratic, including some good years in which I paid high taxes, and bad years, such as 2022, when both companies lost money and so I paid no taxes (welcome to the Energy industry roller coaster!)
This 2023 Tax Year (I filed extensions,) after completing all of the return, (including dividends, interest, etc.) I have some Taxable Income on the 1040 and so will owe taxes. I was therefore looking for help with the best way to handle the NOLs based on the information for the two businesses and my 1040s over the last five years. Once we figure out what the NOL should be for 2023, I am looking for help in correctly completing the NOL-related Turbo Tax entries in the 1040 (everything else is already done.)
Given that I am not really looking for an expert to do my entire taxes "from scratch" (Full Service) nor to do my entire taxes with expert help, what does the community recommend as the simplest and most-cost effective way for me to complete the NOL review, calculate the NOL entries, and file the final 1040 via Turbo Tax as I have done in the past.
Thank you in advance for any comments or suggestions!
