I started a small business in 2023, and I have been paying state taxes on my sales. When I upgrade to TurboTax Small business, is there a way to let the system know that?

Forum|Forum|2 years ago
November 9, 2023
3 replies
0 views

No text available

TurboTax Deluxe Online

xmasbaby0

Employee

There is no program called "Small Business"--- so determine what kind of business you have. If you are a sole proprietor you can use online Self-Employed or the CD/download for Home and Business. If you have a Scorps, Ccorps or multi-member partnership, you will need a download program called TurboTax Business which only works on Windows.

When you prepare your tax return you will be prompted to enter all of your business expenses and any tax you have already paid.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0

Employee

Actually---if you use the CD/download, you can use any version to prepare a Schedule C. The Home and Business will just give you more help.

Carl11_2

Employee

There is no program called "TurboTax Small Business". There is a program called "TurboTax Business" though.

TurboTax Business - Only available on CD and only for the Windows operating system. Used to complete a tax return for an S-Corp, C-Corp, Partnership, Estates, and Trusts. TurboTax Business can not be used to file a personal 1040 tax return or a SCH C for a sole proprietorship or single member LLC.
TurboTax Self-Employed. Available online only until the middle of October each tax year. This program can be used to file a personal 1040 tax return which can include a SCH C for a sole proprietorship or single member LLC. The CD "twin" of this program is called TurboTax Home & Business.

TurboTax Home and Business - This program, and all other versions below this version *ON CD* that you physically install on your Windows or MAC computer can be used to file a personal 1040 tax return, which can also include a SCH C for a sole proprietorship or single member LLC.

Anonymous_

Employee

@Carl11_2 wrote:
........Only available on CD....TurboTax Self-Employed....The CD "twin" of this program is called TurboTax Home & Business........This program, and all other versions below this version *ON CD*

You need to edit whatever file you use for copy and paste, @Carl11_2.

The desktop products are available on CD and download. Further, there is no more "Self-Employed"; it is now called "Premium".

SirDouglasB12

If I'm understanding your question correctly - The sales tax is not something you would include, since it is not part of your revenue. You sold a product for X dollars, but you got paid X plus sales tax. The sales tax is paid to the state, not you. When you enter your income, you only enter what you got paid, NOT including the sales tax.

For example, I sell a product for $1164.15, but my state sales tax is 0.07375%, so I collect from the buyer a total of $1250. When I report my income, I only report the 1164.15 because the sales tax (85.85) got paid to the state.

VolvoGirl

Employee

You probably should report the total income you got including the sales tax. Then you enter the sales tax you paid to the state or county as an expense.