Hi, I am a user of Turbo Tax deluxe and have been for many years. My daughter has a business now and i want to help do her taxes. do I need a specific tax product to do t

I currently already have the 2016 Turbo Tax Deluxe software, as I am an automatic renewal every year.

posted

Connect with an expert

1 Best answer

Accepted Solutions

Hi, I am a user of Turbo Tax deluxe and have been for many years. My daughter has a business now and i want to help do her taxes. do I need a specific tax product to do t

If she is a single member LLC you should use TurboTax Self-Employed (or Home & Business if using Desktop)-

Unless you have elected to be treated as an S-Corp

.As a single member LLC, she is considered a "Disregarded Entity" by the IRS. As such, you claim your business income and expenses on Schedule C as part of your personal tax return.

Feel free to review the product here:

https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp

View solution in original post

1 Reply

Hi, I am a user of Turbo Tax deluxe and have been for many years. My daughter has a business now and i want to help do her taxes. do I need a specific tax product to do t

If she is a single member LLC you should use TurboTax Self-Employed (or Home & Business if using Desktop)-

Unless you have elected to be treated as an S-Corp

.As a single member LLC, she is considered a "Disregarded Entity" by the IRS. As such, you claim your business income and expenses on Schedule C as part of your personal tax return.

Feel free to review the product here:

https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp

Still have questions?