My law office is in a PLLC. I'm the only member. I have both TT Business and TT Home and Business. Should I use the Home & business for my law office account for the Schedule C or the Business? (I use that for a S Corp I have which is reason I have it)
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@Raeka wrote:
Should I use the Home & business for my law office account for the Schedule C or the Business?
Home & Business for the Schedule C.
TurboTax Business for the S corporation (1120-S).
@Raeka wrote:
Should I use the Home & business for my law office account for the Schedule C or the Business?
Home & Business for the Schedule C.
TurboTax Business for the S corporation (1120-S).
Depends ... when you got the EIN did you indicate you would be an PLLC taxed as a single member LLC (Sch C) or as a corporation (1120)? If you indicated the corporation then did you make the S-Corp election(1120S)?
I've always filed a schedule C. Years ago I remember that the business form seemed to create a better schedule C but maybe that has changed. I'll go with home & business
@Raeka wrote:
I've always filed a schedule C. Years ago I remember that the business form seemed to create a better schedule C but maybe that has changed.
TurboTax Business cannot create a Schedule C for a single-member LLC. You need to use Home & Business for that purpose.
Either you file a Sch C or a corporate return if you elected that option ... you cannot simply pick and choose which way to file your business. If you have always filed the Sch C then that is what you need to continue to do. If you want to switch to a corporation you will need to get a new EIN and register the business with your state if needed.
you need to figure out what you have or perhaps you need to consult a tax professional. if you have an S-Corp that is required to file a return, the failure can result in penalties of about $2,500 for each full year late for each year you failed to file. If your law firm is the S-Corp there can be additional IRS/state penalties - failure to take a salary, failure to withhold taxes, failure to remit taxes, failure to file payroll tax returns, failure to have a workmen's compensation insurance policy - you are an employee of the S-Corp
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