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Slackerous Maximus
Join Date: Apr 2005
Location: Columbus, OH
Posts: 18,177
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Tax software for home incl. an LLC
Does anyone here that has an LLC use software to do their own taxes? I was looking at Turbo Tax.
Any comments, or thoughts on the issue most appreciated.
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2022 Royal Enfield Interceptor. 2012 Harley Davidson Road King 2014 Triumph Bonneville T100. 2014 Cayman S, PDK. Mercedes E350 family truckster. |
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09-07-2011, 02:14 PM
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beancounter
Join Date: Jan 2008
Location: Weehawken, NJ
Posts: 3,593
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I've used the turbo tax for business product to do all manner of business returns, 1120 (C Corp), 1120S (S Corp) and 1065 (Partnership and most LLCs).
I still use the "Home and Business" (or maybe its called "premier" now) product for my 1040, which has functionality to handle Schedule C for Sole Proprietors, Schedule E for rental real estate, and has built in depreciation calculation and asset tracking. I don't know if they offer a single product that will do both 1040 and business returns. I like the intuit family of software products, and they are designed to be user friendly for non-accountants. I happen to have a CPA background so I skip all the "wizards" and DIY interview screens and directly input my data into the forms...still a great value and time saver from my perspective vs. manual preparation on paper forms or paying someone else to do it. What type of LLC and what's the ownership structure? Under IRS rules a single member LLC is taxed as a Sole Proprietor (Schedule C attached to Form 1040) by default unless a specific election is made. A LLC with more than one member is taxed as a partnership (Form 1065) by default.
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Jacob Current: 1983 911 GT4 Race Car / 1999 Spec Miata / 2000 MB SL500 / 1998 MB E300TD / 1998 BMW R1100RT / 2016 KTM Duke 690 Past: 2009 997 Turbo Cab / 1979 930 |
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09-07-2011, 06:21 PM
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Capitalist and Patriot
Join Date: Sep 2006
Location: Freedomville
Posts: 1,923
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Quote:
Good info every business should know Previously used the TT as well. Once I got married and started a couple business including an LLC, used the Intuit products briefly but eventually let the CPA handle it all. A few hunsky is worth the piece of mind, if I had a CPA background I'd probably still do it myself.... but I don't, so I don't...
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Former Test driver & Production Manager Singer Vehicle Design 2009 Cayenne GTS, '81 911SC RoW Targa (lot's of goodies), '86 535csi, '84 633 csi (turbo charged-sold)  , '68 912 Targa (sold)  , '69 911E (sold) "Dream it, Believe it, Decide it, DO it " |
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09-07-2011, 09:17 PM
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