Buyer's Guide - If you need to file a return for an LLC

This isn't that common. You or your attorney would have filed Form 8832 (Entity Classification Election), a form on which you would have told the IRS that you wanted your LLC to be taxed as a corporation. Box 2a on that form would have been checked. If this form wasn't filed, your LLC won't be taxed as a corporation, so this won't apply to you.

If this does apply to your LLC, then you should use TurboTax Business to prepare and file Form 1120 for your company. Form 1120 is a corporation income tax return, and even though your business is an LLC, you'll still file your taxes using this form. This is true whether your LLC has just you as the single member or you have other members besides yourself.

TurboTax Business also includes the W-2 / 1099 Reporter, which helps you prepare W-2 and 1099-MISC forms for your employees and contract workers.

• Get more info about TurboTax Business for your small business taxes.

TurboTax Business is the right product for you! You need to file Form 1065 and provide K-1s for each of your members. TurboTax Business contains everything you'll need to prepare Form 1065 and the associated Schedule K-1 forms. Form 1065 is used to file returns for both regular partnerships and LLCs, so you'll often see Form 1065 referred to as a "partnership" return.

If you keep your LLC books in QuickBooks, TurboTax Business will transfer your QuickBooks income and expenses into the right forms.

TurboTax Business also includes the W-2 / 1099 Reporter, which helps you prepare W-2 and 1099-MISC forms for your employees and contract workers.

• Get more info about TurboTax Business for your small business taxes.

If you're a sole proprietor who formed an LLC with just yourself as a member and no one else, you do not need to file Form 1065 for your LLC and you don't need to buy TurboTax Business.

Instead, you just file Schedule C with your Form 1040 and include all LLC income and deductions there. Note that just because you don't have to file a separate return for your LLC, that doesn't mean your liability limitation is any different. It's not; the way your business is taxed has nothing to do with liability.

The ideal product for you to complete your Schedule C is TurboTax Home & Business. This product helps you identify every single business deduction you can use on your taxes… and helps you figure out your home office deduction if you run your business from your home!

Not only that, our Business Expert examines, in depth, each business topic, such as your income, inventory transactions, car expenses, depreciation for equipment you buy, and many other items. The Business Expert provides illustrations, examples galore, and answers to common questions business owners ask when they're working out which expenses they can deduct. You'll find deductions you hadn't thought of AND reminders for things you may have forgotten.

TurboTax Desktop Home & Business also includes the W-2 / 1099 Reporter, which helps you prepare W-2 and 1099-MISC forms for your employees and contract workers.

Choose TurboTax Home & Business for self-employment and personal taxes.

• Get more info about TurboTax Online > Home & Business
• Get more info about TurboTax CD/Download > Home & Business - Windows or Mac
• Compare personal tax products.
• Read Buyer's Guide - Should I use TurboTax Online or Desktop?

You'll also need to buy a personal TurboTax program to prepare your own Form 1040 for this year; Form 1040 isn't included in TurboTax Business. As an LLC member, you should use either TurboTax Deluxe or TurboTax Premier. Either product will guide you through entry of your LLC's Schedule K-1 and will also ask you about additional expenses you paid with your own funds rather than LLC funds. You won't want to miss out on taking these additional deductions!

Not sure which to choose? Let's take a look at your personal tax situation to help you decide.