Which kind of product should I choose? I have a company in California, but no any staff except the other director and me. I need to get the taxes done, but don't know what product to use.
Can someone give me some suggestions?
thanks!
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TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from Home & Business (or Personal & Small Business). Home & Business is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.
You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
If you do not know which form your business must file or this is your first time filing a business return then I HIGHLY recommend you seek local professional guidance to get educated on the fed/state/payroll requirements needed ... failure to keep good records to file payroll and income tax returns correctly & timely can cost you dearly in penalties and interest.
Hi Critter,
Thank you for your reply!
Basically we established our incorporation in CA, but we don't have people in US. We leveraged tax agent to file the taxes in the past. Now may we get the taxes done by ourselves by using Turbo Tax?
Based on this circumstance, is TT business the right choice and 1120 Corporation this right one?
Thanks!
LOOK at the returns filed in the past to determine which form you need ... I cannot tell you from what you post.
Hi Critter,
One more fact, currently we don't have any revenue in US. Should we choose the same? Thanks!
The business will ALWAYS file the same tax form every tax year until you close the business no matter what. Since this company seems to have foreign owners and/or foreign income then you really should continue to use a paid tax pro ... they should be able to answer your questions much better than a public forum.
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