I already filed my 2022 Personal Tax return but opened a small business in 2022 with my son in law that I need to file taxes for. Do I need to open another account?

Forum|Forum|3 years ago
April 18, 2023
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TurboTax Self Employed Online

VolvoGirl

Employee

Do you need to file a Partnership return? Or a multi member LLC? The Business return should be done before your personal return. You will get a K-1 from the Business return to enter into your personal returns.

You need to buy Turbo Tax Business, not to be confused with the personal Home & Business version. Home & Business is just for personal returns that need schedule C for self employment. TT Business is not available to do online or on a Mac. You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes

You will get a W2 or K-1 from the business return to enter into your personal return. So you will need to do the Business return first.

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snl223Author

Hi I already filed my personal taxes. The business is an LLC I set up with my son-in-law to install flooring. I cacn't add the income to my personal return

VolvoGirl

Employee

Right you don't add the LLC to your personal return BUT you need to file a separate LLC return. Then you will each get a W2 or K-1 from the LLC return to enter into your personal return. You need to go to an Accountant and get the LLC set up and filed properly ASAP. And you will probably need to amend your personal return .

Mike9241

unless the business is taxed as a C-Corporation and any compensation received from it was included on your filed return, then for any other business type you'll need to amend it to include your share of business income/loss.