Hello,
I am working full time as a W2 employee and I just started my side business (similar to ATM machines) with my LLC. My start up cost $90k and I will probably make about $3k this year. However, whatever profit I make this year I will end up putting back into my business for the next couple of years. So I will take $0 profit. How would I go about filing my tax return this year coming up through TurboTax. I have been using TurboTax for more than 5 years myself. Thanks.
If you are a single member LLC, you will file the business on Schedule C of your personal tax return. If you are a partnership, corporation, or S-corporation, you will need to use TurboTax Business to file the business return and then input the K-1 information on your personal return. You will show the actual profit on the tax return no matter what you plan to do with the actual funds that make up the profit. In your situation, you wish to use the profit towards the next's years expenses -- you will still show the profit on the return and pay tax on it.
Yes, I am a single member LLC. Would using the self employment turbotax program be best for this? Suggestions? Thanks for your help and quick response!
Yes, TurboTax Self-Employed is exactly what you need to file your personal return including the single member LLC.
I also own one (1) rental property that I have been renting out full time for years. Will I be able to put this within the Self Employment TurboTax program as well?