Taxes

[freelancebre]

What forms do you need for taxes as a freelance graphic designer who owns an LLC in Utah?

[rjs]

It depends on how the LLC is set up. Is it a single-member LLC or multi-member? Has the LLC filed an election with the IRS to be treated as an S corp or a C corp for income tax purposes?

[freelancebre]

Single-member LLC.

Not an S corp or a C corp.

[rjs]

The single-member LLC is disregarded for income tax purposes. You report your business income and expenses on Schedule C attached to your Form 1040 personal tax return. Just enter your business income and expenses in TurboTax, and TurboTax will fill out the appropriate forms.

If you use TurboTax Online you have to use the Self-Employed edition. If you use the CD/Download TurboTax software you can use any edition, but Home & Business will give you a more detailed interview and extra guidance for your business entries. (TurboTax Home & Business is not the same as TurboTax Business.)