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Can you file personal AND small business taxes in one place using "Turbo Tax Self-Employed" or do I also need Turbo Tax business for my business taxes?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Self Employed Online

Best answer by tmunoz

If you have a small business that is a single person LLC, you can use Turbo Tax Self-Employed for the online version, or Home and Business for the desktop product. This allows you to prepare a Schedule C for your business and include that in your personal return.

If your business is a multi-person LLC, S corporation, or C corporation, you will need to prepare two returns, one for the business with Turbo Tax Business and one for your personal, using which ever version is best for you. Here is a link to our product comparison page

Click here to compare versions of Turbo Tax

click here for information on the self-employed online version

T

tmunozAnswer

If you have a small business that is a single person LLC, you can use Turbo Tax Self-Employed for the online version, or Home and Business for the desktop product. This allows you to prepare a Schedule C for your business and include that in your personal return.

If your business is a multi-person LLC, S corporation, or C corporation, you will need to prepare two returns, one for the business with Turbo Tax Business and one for your personal, using which ever version is best for you. Here is a link to our product comparison page

Click here to compare versions of Turbo Tax

click here for information on the self-employed online version

E

emily-maliziaAuthor

Very helpful ! Thank you! One more question, do you know if it's possible to down-grade from self-employed to deluxe? We purchased the self employed thinking we could do our personal and the business in one, but since it is an s-corp, we cant. So we no longer have a need for the self-employed option and really only need the $39.99 option.