Which TurboTax Version for Your Business? LLC vs. S Corp vs. Partnership vs. Sole Prop
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- Опубліковано 14 лют 2022
- Which TurboTax Version do you need for YOUR business taxes? In this video I discuss the difference between TurboTax Self-Employed and TurboTax Business. They are VERY different and using the wrong version will cost you hours of your time not to mention hundreds of dollars.
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#TurboTax #BusinessTaxes
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Thank you Navi. I just opened your website as well as subscribing to your UA-cam channel.
Thank you sir for this video, you confirmed what i need for my s corp business. Glad i ran across your video. ❤
This video saved me from the "self-employed" mistake. Thank you!!!
Thank you for this video. Very helpful
Thanks! I have a Mac! Saved me a lot of trouble.
Great clarity and explanation. Thanks Navi
You're welcome Josh! Glad you found it helpful!
Excellent. Thank you !
OMG this is soooo helpful，thank you a lot！just subscribed！
Thanks for subbing and for the feedback!
Thanks for this
Thanks Navi, this is really helpful infor. i have a Mac and was planning to use Turbotax
You’re welcome…as you learned, can’t use TurboTax Business with a Mac.
Man . Even the people who work in turbo tax don't make me the explanation you have here. Awesome man. Thank you so much
Thank you
Thank your for this very helpful video Navi.
Thanks for making this video. Does your course offer any tax strategies on international business?
For Mac users just buy parallels and run windows on your Mac if you want to use turbo tax business
So Navi, thank you for posting! If my income is primarily W2 driven, but I also get 1099 income side jobs and also have a rental property, which option do I choose? We have no State income tax here in Florida.
Useful information. And TurboTax not showing upfront its incompatibility with MAC users is kind of dishonest to say the least
Hello Navi, First of all I appreciate your videos online. All good info. I have an LLC, I import materials , Stock them and resell. I have been filing as an S Corp at the advice of my accountant. My net profits for 2021 are around $30,000. I am married, we own a home. Should I file as S-Corp or AS an LLC ? I am in Bay Area California.
which one should i use, if filling jointly, got W2, 1099 Misc and got LLC for a rental unit?
I have two LLC’s with S corp election.
which version of tax tool helps me to file both LLC’s separately?
Great info. Navi. I am transitioning this year from "self Employed" which I always had it for free as part of my QuickBooks self-employed subtraction. Since beginning of 2022, I have established the S-Corp. However, looking at "TurboTax Business 2022 Federal Only + Efile Digital Download", there is no state. Being in AZ, what would be the solution for AZ filing?
Per their website, transfer your federal tax info to state. Once you complete your federal taxes, transfer your information over to your state return (Additional fees apply). I would make sure you contact them to ask about how the mechanics of this actually work.
Hey Navi,
I am new small biz owner, do you have specific videos for medical practice clinics.( Rehabilitation clinics)
Quick question Navi, I am a new business owner, still setting up processes. I do not have any income as yet, but incurring start up cost in 2021. Can I file a business return for expenses incurred even if there is zero income? Thanks appreciate your response
Hi Navi. The TurboTax Home & Business product appears to be what I need for my single member LLC. Are you aware if this product can project what your estimated Federal and State tax payments would be, using the current Tax Filing year as a baseline, and then based on that and your projected self-employment income, business expenses and personal itemized deductions ?
How many Sch E are available I use 2 with each contain three properties.
life saver.. was about to drop that cash
same here! May I know what you use for tax filling in the end? since turbotax doesn't work on Mac.
What software can handle a California Professional Company (A.P.C.) ??
so my business' is First Factory, Inc. and i have a ein number and small employees I cant use the reg TurboTax I have to use this one ?? this cost arm and leg they dont have a free verion
Question: if I have an llc but paid for some business expenses with a personal account, can that business expense still be claimed?
Can you file my 1120s and 1040 before the deadline apr-18 I have al the numbers ready? Thanks in advance
can you use self employed as a multi member llc? no one seems to have software for mac and i am panicking...
What if you have a w2 job and you Uber and DoorDash on the side?
If you transition that threshold of 40k net revenue and make the s-corp election when you go to taxes can TurboTax Business use the data from the previous year to minimum data input? I rely a lot on consistency of systems to be effective.
Yes agreed, Turbotax got there products but does not do a good job of explaining which package is for what.
If you have Mac, you have to use Taxact for Business.
Yes - it's very confusing for business owners....at least it was last year. Not sure if they made any updates for the 2022 tax year.
I am a single member llc. Not an s Corp. TurboTax says I can't use it
Does this TurboTax can be used for NRA tax?
will they let you use your refund as payments for self employed
Why was mine 199$? I had 3 w2’s and a single member llc. Everything was online, I didn’t have to download anything?
I bought a work van for 4800 cash. Can I write all.of that off as a single member llc disregarded entity?
if i will be doing a photography business from home. Will turtax no what item I can deduct (IE electric bill, taxes travel (mileage) and depreciating items such as equipment, vehicle etc?
Not sure - I don't use the software myself. I think it will guide you through it and ask you a bunch of questions to help you determine if you can deduct these items or not.
Can we use same software for Past Year RTaxes like 2015/16 till 2021
No, I don’t believe you can.
I'm currently doing my taxes on turbotax and just entered my w2 info and my 1099-k info from receiving credit card payments for my side business. The next step says expenses, but it didn't ask if I had any cash income from the business. Where do I enter my cash income?
Not sure - I’m not a TurboTax user.
Turbotax Self Employed has form K-1 for partnerships and it works on Chromebook. Why do they make this so confusing. I have a partnership, (2 members) and work full time, can I still use this since the features include k1? I have a chromebook.
you downloaded it and it works on your Chromebook? I have a Chromebook and was wondering if it was compatible Chromebook
I don’t believe TurboTax Self Employed will allow you to prepare your Partnership tax return but it would allow you to prepare an individual return and enter in the K-1 if, for example, someone else was preparing the Partnership return for you.
Also, I don’t believe that any of the downloadable products work on a chromebook, only the “online” versions of the TurboTax software will work on a chromebook.
I have a full-time job and side food truck business, as a sole proprietor. The business is not complex and I don't have any business debt. Would the self employed version be okay and can I also file my W2 at the same time? My side business net profit is a little over $20k a year, so I'd pay taxes on this amount. Is Turbotax better than freetaxusa?
The self employed version is what you need to cover your business and W2 full time job. I don’t have much experience with freetaxusa so can’t help you there.
@@NaviMarajCPA Thank you!
Turbo tax for business is the most poorly at home program I have ever used. I wish I would have just paid my accountant. It does a very bad job of walking the regular non-account thru the process- after weeks of googling terms and vague references that the program has-I will have to get the business taxes done by an accountant because i have no confidence in the software. What waste money for a half baked product.