Use TurboTax Freedom Edition if self-employed making under $39,000. Use Home & Business if self-employed making over $39,000.
TurboTax Business is designed for S corps and is recommended to file S corp taxes. It can help file business taxes and documents to convert an LLC to an S corp. TurboTax Business imports data from Quickbooks for a streamlined process. You still need to file a personal return with TurboTax Deluxe.
Take distributions if the S-corp is profitable and has cash to cover expenses. Payments are usually cash or stock to shareholders.
You cannot deduct car loan payments as a business expense.
Pricing varies based on tax situation. Simple returns are free federal and state. Offers can change or end anytime.
Can you file an 1120 S on Turbo Tax? Yes, select S Corporation when starting a business return.