How to Use TurboTax With an LLC Businessby Bradley James Bryant
TurboTax is a financial software application that helps individuals and small business owners to automate the tax-filing process at both the state and the federal level. An LLC (Limited Liability Corporation) is a type of company characterized by specific legal and tax perspectives. From a legal perspective, all liability is taken off the owner and placed on the entity. From a tax perspective, the IRS taxes the income of the entity as well as the owners. TurboTax has a special version available to taxpayers who own an LLC.
Go to the TurboTax website. See Resources for a link.
Select TurboTax Business. This version covers Multi-member LLCs (form 1065) and Partnerships (Form 1065).
Determine if the software is the best option for your business. TurboTax Business is ideally suited for multi-member, LLC's with revenues of less than $250,000 and fewer than five employees.
Input all the information about your LLC, including your address and number of employees. TurboTax will walk you through the process of reporting both income and expenses specifically for an LLC.
Print out copies and e-file through Turbo-tax or file your return through the IRS by mail when finished.