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Level 5
posted Sep 15, 2022 3:39:28 PM

Single member Professional Limited Liability Company - PLLC

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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Level 15
Sep 15, 2022 3:41:49 PM


@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).

6 Replies
Level 15
Sep 15, 2022 3:41:49 PM


@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).

Level 15
Sep 15, 2022 3:46:48 PM

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)?  

 

Level 5
Sep 15, 2022 3:48:54 PM

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

Level 15
Sep 15, 2022 3:50:24 PM


@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.

Level 15
Sep 15, 2022 3:52:13 PM

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.  

Level 15
Sep 15, 2022 4:37:08 PM

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