S-Corp Taxes
Hey folks,
For those of you who actually like doing their own taxes like myself, a couple of questions.
1. Have you used TurboTax for an S-Corp. I will just have a small loss in my S-Corp this year due to very little activity, but would still like to claim the loss. And I am assumming I would need the TurboTax business edition for the S-Corp forms.
2. For my single member rental ownership LLC, when using TurboTax, does the LLC even come up, since it is a pass-through entity and everything flows back to me individually anyway.
Thanks.
I'm not sure about Turbo-Tax, but I just wanted to warn you about doing your own corporate income tax return. I'm a CPA and see people that come into my office with their prior year self-prepared tax returns and they are most of the time NOT completely correct. With an S-Corp, you have to make sure that you have basis in order to deduct the loss plus there are some other complex issues. I'm not sayng you can't do it yourself, I'm just suggesting that you get very educated on it before you do it.
Heather