Work and LLC

[NaldoCrow]

I have my W2 and also Its my first year with my LLC. I have no clue. Can I use TurboTax? Or What I have to do in my case? How do I fill my taxes? 

[DianeW777]

Yes, you can use TurboTax.  If you are a single member limited liability company (SMLLC), then you report the income and expense on Schedule C as a sole proprietor. 

• Use TurboTax Online Self Employed
• Use TurboTax CD/Download Basic or any other package
• What product should I use?

If you need to complete a business return for your LLC because there are more members you can use TurboTax Business.  You can also get assistance if you want.

• What types of returns does TurboTax Business handle?

[xmasbaby0]

If you are using online you will need Self-Employed; if you use desktop software you can use any version.  All versions of the CD/download can prepare the Schedule C you will need for your self-employment income and expenses.  ALL of your income including the self-employment income goes on the same return.  You will be paying self-employment tax for Social Security and Medicare as well as ordinary income tax.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

[NaldoCrow]

Thanks Diane, the same for the expences (I think its the word) from the LLC?

[HelenC12]

Yes, you would report the expenses in the same product where you report your income. 

If you're a SMLLC, to enter your income and expenses, see Where do I enter Schedule C?

• Here are the self-employed expenses you can deduct and where to enter them.