Question

Under turbotax business, where do I add my business mileage, and where would I submit for credit for using and Electric vehicle? ty

Forum|Forum|1 year ago
March 3, 2025
2 replies
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this is an LLC

Is your business a single member LLC ? If that is the case then for tax purposes ( and unless you choose to be treated as a partnership or S-Corp or similar ) your LLC is treated as a dis-regarded entity. In such a case you file a Schedule-C ( as part of your own return ).

On schedule-C, you report all your incomes and expenses. The net income is subject to SECA ( equivalent to FICA taxes for wage earners but at 15.3% ) taxes.

Is this your case ?

B

bellabloomflowerwallsAuthor

We are a muli-member LLC business

How does this translate to the website? Do I just do the math and add in the mileage costs under a category I create? Where would I go to apply for the hybrid vehicle credits mentioned. It doesn't come up when I go through the prompts.

P

pk12_2

@bellabloomflowerwalls , assuming that you wish to file as a partnership ( and not S-Corp), you have at least two different filings

1. At the entity level you have to file form 1065 -- this is similar to Schedule-C ( just much more complicated). What you essentially are doing to recognizing the gross income, cost of goods sold ( COGS ), depreciation etc. etc. ( just like a Schedule-C ) --- please print a copy of the form 1065 and use it as reference when answering the questions posed by TurboTax business.

2. You then have to issue K-1s to all the partners.

3. File the 1065 along with all the attachments required.

4. Then you close the TurboTax Business and open the individual return software ( my pref. here is Windows download Home & Business ) and prepare your own return recognizing the K-1 from the LLC. The partnership is a pass through entity and therefore the partners pay taxes on all taxable income at his/her marginal rate.

5. If this is your first year, perhaps you should consider having a tax professional prepare the returns. Then for the following years you can follow through by yourself. There are also some declarations required for the first year ( like the type of entity for tax purposes -- partnership, S-Corp , ?? )

I am not very knowledgeable in this and if you need more help , I can page another expert.

Is there more I can do for you ?

A

AmeliesUncle

Did the Partnership/LLC own the vehicle?

If so, was there any personal use of the vehicle?

If the Partnership/LLC does not own the vehicle, did the Partnership reimburse you for the vehicle expenses through an Accountable Plan?

Does the Partnership Agreement state the Partnership will NOT reimburse for those expenses, but you (the Partners) are responsible for the cost?

I completely agree with pk that a Partnership should be going to a qualified tax professional. There are too many things that a person needs to be aware of that using a DIY program like TurboTax does not fully cover.