Hi,
A friend of mine had an LLC registered in New Jersey with only 2 owners (each have 50% ownership). The business was opened in January, and closed in August (they decided the market didn't provide enough opportunity...lesson learned). The business made about $900 profit, and no expenses. When they closed the business they closed the checking account, closed the business with the State, and split the money. They are now looking to file the tax returns for the business, and get the appropriate documents for each of the 2 owners to use on their own tax returns.
Since the total business only made a few hundred dollars, they are not eager to spend hundreds of dollars on paying an accountant for such a simple tax return (income from a single source, no expenses, closed business after only a few months).
Would TurboTax be able to handle this type of tax return and generate the appropriate document(s) ? I tried calling TurboTax, but they didn't really answer my question...they merely said "you should buy the Small Business software option".
Thank you in advance for any suggestions.
Best regards,
Ben
A friend of mine had an LLC registered in New Jersey with only 2 owners (each have 50% ownership). The business was opened in January, and closed in August (they decided the market didn't provide enough opportunity...lesson learned). The business made about $900 profit, and no expenses. When they closed the business they closed the checking account, closed the business with the State, and split the money. They are now looking to file the tax returns for the business, and get the appropriate documents for each of the 2 owners to use on their own tax returns.
Since the total business only made a few hundred dollars, they are not eager to spend hundreds of dollars on paying an accountant for such a simple tax return (income from a single source, no expenses, closed business after only a few months).
Would TurboTax be able to handle this type of tax return and generate the appropriate document(s) ? I tried calling TurboTax, but they didn't really answer my question...they merely said "you should buy the Small Business software option".
Thank you in advance for any suggestions.
Best regards,
Ben
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