Yes you can ... but only if it is a single member LLC that has not made the election to be treated as a corporation. If so the LLC is considered a disreguarded entity and the income & expenses are reported on the Sch C which is part of the personal tax return form 1040.
Yes you can ... but only if it is a single member LLC that has not made the election to be treated as a corporation. If so the LLC is considered a disreguarded entity and the income & expenses are reported on the Sch C which is part of the personal tax return form 1040.
A single-member LLC that has not made the election to be treated as a corporation does not file a separate tax return. It is included in your personal tax return. A multi-member LLC, or any LLC that has elected to be treated as a corporation, does have to file a separate tax return of its own. But you cannot use TurboTax Self-Employed to file that separate tax return for the LLC. You need TurboTax Business for that.
Are you saying that a 1065 and NJ 1065 are not required to be filed ? Don't you need the K-1 to pick up the income on the individuals 1040 ? Also what about the annual registration fee for NJ ?
Are you a Single Member LLC? If you need to file a 1065, You need Turbo Tax Business.
The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.
Home & Business Desktop program or the Online Self Employed version is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.
You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes">https://turbotax.intuit.com/small-business-taxes</a>
FYI ... if this is really a multi member LLC that needs to file a Partnership form 1065 then you REALLY need to seek professional help if you don't know what you are doing ... the 1065 was due last March on 3/15 unless you put in an extension then it was due last month on 9/17 ... now it is simply late and the penalties are mounting so file it ASAP.
Failure to file the 1065 Partnership Tax Return means that the IRS will charge a late filing penalty. The late filing penalty for a 1065 Partnership Tax Return is $195 dollars per partner and month (up to 12 months). The IRS defines a month as “any part of a month.”