If you have an LLC, the specific TurboTax product you should use depends on several factors, including the tax treatment of your LLC and your individual tax situation.
Here are some options to consider…
- TurboTax Home & Business – TurboTax Home & Business is suitable for individuals who operate a small business, including single-member LLCs or multi-member LLCs taxed as partnerships. This version is designed to handle both personal and business income, expenses, and deductions.
- TurboTax Business – TurboTax Business is designed for corporations, partnerships, and LLCs that file as corporations. If your LLC is taxed as a corporation (either as a C corporation or an S corporation), TurboTax Business may be the appropriate choice.
- TurboTax Online Self-Employed – If you operate a single-member LLC and prefer to use TurboTax’s online platform, TurboTax Online Self-Employed may be suitable. This version is tailored for self-employed individuals and small business owners, including freelancers, contractors, and sole proprietors.
- TurboTax Live Assist & Review – TurboTax Live Assist & Review offers access to live tax experts who can provide personalized guidance and review your tax return before filing. This option may be beneficial if you have questions about how to report LLC income, deductions, or other tax-related matters.
Before choosing a TurboTax product, it’s essential to review your LLC’s tax treatment and determine the specific forms and schedules you’ll need to file. Consider your comfort level with tax preparation and whether you prefer to use desktop software or an online platform. If you’re unsure which product is best for your situation, you can use TurboTax’s product comparison tool or consult with a tax professional for personalized advice.
