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Hello I am just interested in doing my business taxes. already submitted personal tax

 
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2 Replies
ColeenD3
Expert Alumni

Hello I am just interested in doing my business taxes. already submitted personal tax

If you have a Corporation or Partnership return, you will need to use the Business program.

 

Use TurboTax Business (Windows only) if you need to file a return for a corporation (Form 1120), S corporation (Form 1120-S), partnership or multi-member LLC (Form 1065), estate/trust income (Form 1041), or homeowner association (1120-H).

Hello I am just interested in doing my business taxes. already submitted personal tax

if you are self-employed the income reporting goes with your individual tax return. (1040).   there is no separate income tax return for schedule C, E or F.  an S-Corp, Trust/Estate, or Partnership/LLC do have to file tax returns but they issue K-1's so the owners can report their share of the activity on their personal income tax returns. 

 

if you have schedule C income not reported on your original filing, you're going to have to wait until the return is processed and then amend.  

 

if you have an S-Corp/Trust/Estate/partnership/LLC, you are going to need the Turbotax Business software to do the return. since this appears to be your first year filing, I strongly suggest you seek the services of a pro. There are many tax laws that apply that you might not be aware of and if you mess up the first year's return every year after that could be messed up.  you could face substantial penalties.  once the return is done and filed and your original return is processed, you will need to amend your 1040 to report the k-1 info.

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