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Returning Member

New Business Questions

My wife and I formed an LLC this year and will be using Turbotax Business for the first time having files the business expenses on our Joint return in previous years.  Product development is underway, prototypes have been made, and adjustments to the final product are still being finished.  Our intent for now is to license the product so someone else handles everything else. My question concerns how to complete Turbotax blocks where it asks what type of business, what product or service does it provide, and what our Business Code is.  At this point I consider the business type to be "Investment", it doesn't presently provide a product or service so I left that box blank, and I've used a Business Code of 541600.  Looking for help on these issues please.


2 Replies
Not applicable

New Business Questions

from my perspective as yet you do not have a business just a bunch of start-up expenses that aren't deductible until the business actually starts. - probably when you enter into a licensing agreement. I strongly recommend that you consult a tax pro.   

Returning Member

New Business Questions

We are trying to separate our personal taxes from the LLC.  In previous years we have had Patent Expenses, Legal Expenses, Design Expenses, along with a Product Development Company that is assisting with this effort.  

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