I'm not sure I'm in the correct discussion group.
My husband and I each own our own businesses. He does auto repair and remodeling work and I own a web design/development company. Both of us our sole proprietors. In addition, we have a Series LLC in which we plan to add each of our businesses as a separate series within the master LLC, as well as, any rental or flip properties we plan to invest in.
The LLC is new and we haven't done any business with it nor have we added or own businesses yet, but will for 2020.
We have traditionally filed a joint tax return.
Is Home and Business the correct product for our needs? Can we use one product to track the business expenses/income for 3+ businesses?
Yes, TurboTax Home and Business is the right product for you for this year.
In the TurboTax program, you will set each business up separately, and the program will create a Schedule C (or Schedule E for certain rental property activities) unique to each business activity.
All of your business income and expenses will be entered into the program under the Business tab after you have entered your general personal information. Enter each business one at a time. Once you have completed the first business, you will click on the button Add Another Business.
Next year, you will be able to transfer data over, and you will be able to skip over many of the details of your existing businesses but also be able to add in the new companies that you start in 2020.
Best of luck to you and your husband on your ongoing and new business ventures!
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Thank you for the reply and sorry for my late response. I was expecting to get an email when someone responded but it never came through.
I just want to make sure this product will work on my Mac on a local installation. I do not want to subscribe to the online version.