Good morning! I have filed my taxes with TurboTax in the past, but this is my first time filing for my LLC. I'm unsure if I can also file that with TurboTax or if I need to file it with specific accountants.
I have an online shop on Etsy, but I haven't made a single sale. Do I still need to file taxes?
May I know what documents do I need to file taxes for my LLC? I heard that I have to keep every single receipt for the materials and appliances, but I purchased everything online. Should I save all the screenshots of my receipts? May I know if I will be able to upload them when I file my taxes?
If I decide to stop selling in the future or take a break from selling, will I have to continue to file taxes, even though I won't be making any profit? Or would it be easier for me to file to close my business?
Sorry for having these many questions. This is my first time filing LLC taxes, and I'm very concerned about it.
Thanks!!!
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Hello,
You can still use TurboTax to complete your tax return.
A LLC is taxed just like a self-employed business is, you will report your income and expenses on the schedule C (self-employment) and that becomes part of your individual return.
You should keep copies of all your expenses, and you will enter them into the tax return, or you may be able to import them from your bank or QuickBooks if you are using that for your bookkeeping software.
You should file a return your first year in business and report your startup cost.
If you decide to close the business, you will still file a tax return you just won’t have the schedule C on it.
Here are a few links with more detailed information in them.
https://blog.turbotax.intuit.com/self-employed/tax-tips-for-the-self-employed-2297/
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