What do I need to do for personal taxes? (New LLC)

What do I need to do for personal taxes? (New LLC)



This past year in March two friends and I created a new LLC and I’m curious how that will affect my, and their, personal taxes.



Details: We created our LLC in March 2013 running on the calendar year. I know this means we must file for our business by April 15th which I’m having trouble with, but that’s not the concern of this post. Instead, I would like to gain some insight into how we file our personal taxes.



One thing to note is we are not operational yet as the company is website based and we’re still in the development stage. Because of that, we only have expenses with no income generated.



I usually use Turbotax for my taxes as I don’t need anything too complex

Ex. http://ift.tt/1jm8Np1



However, I don’t know if I, or they, can still use something like that now that we own a business. Instead, I’m thinking we’ll need to use something a little more:

Ex. http://ift.tt/1jm8OJw



I know the easy answer is to use a CPA for our business and personal taxes, streamlining them both together. However, for us younglings, a CPA is too expensive.



Questions:

1) Which version of Turbotax should we use to file for our personal taxes?

2) What are the specific nuances we should take into consideration when filing?

3) What potential pitfalls or mistakes could I make that will catch up with me (us) later on.

4) Any finer points you’d like to give me would be greatly appreciated! I’m in a little over my head!