☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 25, 2023 8:43:13 PM

Can I account for a loss on an LLC when calculating my federal tax withholdings from my employment?

I have employment income, and social security income and have gotten big tax refunds.  I want to lower my  withholdings and can't find a calculator that takes my business loss into account.

0 1 235
1 Replies
Employee Tax Expert
Sep 27, 2023 10:50:12 AM

Hi @cgoldsmith5280-g and thanks for your question!

 

I am assuming your LLC is a Single Member LLC reported on a Schedule C.

 

TurboTax has a resource hub that allows you to estimate you taxes and tax refund based on your situation.

Here is a link to the free calculators and tools: TurboTax Calculators

 

The W-4 Calculator seems like the best calculator to use. It allows you to account for your total tax situation, including your pay with current employer, filing status, business income and losses.

 

Another would be the TaxCaster, which allows you to estimate your tax refund based on simple questions about your life and income.

 

I hope these help!

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"