Question

Work and LLC

Forum|Forum|2 years ago
April 11, 2023
2 replies
0 views

I have my W2 and also Its my first year with my LLC. I have no clue. Can I use TurboTax? Or What I have to do in my case? How do I fill my taxes?

D

DianeW777

Yes, you can use TurboTax. If you are a single member limited liability company (SMLLC), then you report the income and expense on Schedule C as a sole proprietor.

Use TurboTax Online Self Employed
Use TurboTax CD/Download Basic or any other package
What product should I use?

If you need to complete a business return for your LLC because there are more members you can use TurboTax Business. You can also get assistance if you want.

What types of returns does TurboTax Business handle?

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N

NaldoCrowAuthor

Thanks Diane, the same for the expences (I think its the word) from the LLC?

H

HelenC12

Yes, you would report the expenses in the same product where you report your income.

If you're a SMLLC, to enter your income and expenses, see Where do I enter Schedule C?

Here are the self-employed expenses you can deduct and where to enter them.

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X

xmasbaby0

If you are using online you will need Self-Employed; if you use desktop software you can use any version. All versions of the CD/download can prepare the Schedule C you will need for your self-employment income and expenses. ALL of your income including the self-employment income goes on the same return. You will be paying self-employment tax for Social Security and Medicare as well as ordinary income tax.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**