Using Turbo Tax for LLC is an easy way to file your business taxes. When filing taxes for your limited liability company, the most important step is understanding how the IRS treats LLCs in regard to taxation. If you have more than one member in your LLC, the IRS will consider your company to be a partnership for tax purposes.
Tax Forms for LLCs
TurboTax Business (CD or download) is the product needed to create a multimember LLC tax return (Form 1065). As a multi-member LLC (including two-member LLCs run by spouses) will need to use TurboTax Business to prepare and file Form 1065 (U.S. Return of Partnership Income). Only one return for the partnership is necessary.
For Single Member LLCs, you can use either TurboTax Home & Business (Windows or Mac, download or CD) or TurboTax Online Self Employed.
Annual Requirements and Tax Classifications
The State of Illinois requires an annual report for your LLC. You can file online or by mail using Form LLC-50.1. Most new single-member LLCs need to obtain an EIN. It should use the name and TIN of the owner for federal tax purposes.
LLC owners can choose the tax classification that is best for them. The choice is between default classification or electing to be taxed to save taxes. Profits or losses of the LLC are reported on Schedule C with your 1040 tax return. The IRS treats one-member LLCs as sole proprietorships.