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I started a business this year. what turbo tax product should I use

 
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IreneS
Intuit Alumni

I started a business this year. what turbo tax product should I use

If the business is a sole proprietorship, you will need to report income and expenses on a Schedule C in the 1040.  For this you will need TurboTax Self-Employed (Online) or TurboTax Home & Business (CD/Download).

If your business is established as a partnership, S-Corp or Corporation you will need TurboTax Business.  

You can visit the following link to purchase the program: TurboTax Business.  

 

[Edited | 3/10/2020 |  10:07am PDT]

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3 Replies
Carl
Level 15

I started a business this year. what turbo tax product should I use

It depends on what kind of business you started.
If a sole proprietorship or single member LLC, then you need TurboTax Self-Employed if using the online version, or TurboTax PRemier if using the CD/Desktop version of the program.
If your business is an S-Corp, C-Corp, multi-member LLC, partnership, or an LLC that has elected to be "Treated like an S_Corp" for tax purposes, then you need TurboTax Business (different from Home & Business). TurboTax Business is not available as an online product, or for MACs. It's for the windows platform only. You also need to complete and file your business return before you can even start your personal return.
IreneS
Intuit Alumni

I started a business this year. what turbo tax product should I use

If the business is a sole proprietorship, you will need to report income and expenses on a Schedule C in the 1040.  For this you will need TurboTax Self-Employed (Online) or TurboTax Home & Business (CD/Download).

If your business is established as a partnership, S-Corp or Corporation you will need TurboTax Business.  

You can visit the following link to purchase the program: TurboTax Business.  

 

[Edited | 3/10/2020 |  10:07am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Carl
Level 15

I started a business this year. what turbo tax product should I use

For the CD version, you can use Premier. The only difference between the two CD versions is that H&B offers more help.
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