how does starting a small business affect us?

[Makiko]

We started a LLC, and we file as a married/joint.    Can we still use basic Turbo Tax or should we get an upgraded one?   If it is a LLC, what do we need to do differently?  

[R-SchuleCPA]

A married couple is eligible to file as a single member LLC, which will allow all income and expenses to be reported on Schedule C of your personal income tax return. Turbo Tax Self Employment module will prepare your necessary Schedule C forms.