Self-employment has its benefits. An LLC can help reduce your liability without reducing your freedom to run your business as you see fit. And we have you covered at tax time, with TurboTax Home & Business for single-member LLCs, and TurboTax Business for multiple-member LLCs.

How do I do home business expenses on TurboTax?

To enter your income, scroll down to Business Income. Click Start/Update. Click Start/Update next to General Income. To enter your business expenses, scroll down to Business Expenses, Other Common Business Expenses.

Can more then one person use Turbo Tax?

You can’t use TurboTax Online to file more than one person’s income tax return(s) but you can use the TurboTax CD\Download version. The CD/Download product is a better overall value for people who prepare tax returns for their friends and family.

When to use TurboTax home and business tax?

TurboTax Home & Business is recommended if: You are self-employed, an independent contractor, a freelancer, a small business owner, a sole proprietor, have a home office or home-based business. TurboTax is tailored to your unique situation—it will search for the deductions and credits you deserve, so you’re confident you’ll get your maximum refund.

How to get the fastest tax refund with TurboTax?

File your tax return electronically to receive your fastest tax refund possible. Connect with an expert in a click and get answers when you need them with SmartLook™. Every personal TurboTax return is backed by our Audit Support Guarantee for free one-on-one audit guidance from a trained tax professional. And much more!

What happens if I receive an audit letter from TurboTax?

Audit support: If you received an audit letter based on your 2020 TurboTax return and are not satisfied with how TurboTax responded to your inquiry, TurboTax will refund the applicable TurboTax federal 1040 and/or state purchase amount you paid. TurboTax will not represent you or provide legal advice. Excludes TurboTax Business.

How does TurboTax affect your tax return in Canada?

We know that many Canadian taxpayers went through life changes in 2020 that will affect their tax return. Whether you lost your job, began working from home, or received government relief benefits (such as CERB, EI, etc) due to COVID-19, TurboTax walks you through how to report it on your tax return.