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DW1000
Returning Member

Which version of TurboTax for small business - sole proprietorship

I am trying to determine which version of TurboTax to download.  My wife has a small business (sole proprietorship) run out of the home.  Does TurboTax premier allow you to input revenue and expenses as part of your income?

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Accepted Solutions
nghidang
Level 3

Which version of TurboTax for small business - sole proprietorship

Hello, the best choice for doing and filing your income tax if you’re a sole proprietor, member of a partnership, or otherwise self-employed is TurboTax Self-Employed Online.

However, if you feel a bit overwhelmed, consider TurboTax Live Assist & Review Self Employed and get unlimited help and advice as you do your taxes, plus a final review before you file.

Note: Every version of TurboTax can be used to declare self-employment, including FREE!

TurboTax software 

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2 Replies
thakar88
Level 3

Which version of TurboTax for small business - sole proprietorship

Thank you for choosing Turbotax. Yes, TurboTax premier will allow you to input your expenses and income. However,  we recommend  TurboTax Self-Employed version because it is best suited for a sole proprietorship. It will able to capture all business expenses, deductions, and revenue which is easily recorded on form T2125 which provides you with your net business income or loss. 

If you have already started your tax returns with a different version of TurboTax, you can always upgrade if you need more guidance please visit on link below:   

https://turbotax.intuit.ca/tips/how-to-file-your-income-tax-as-a-sole-proprietor-1955

nghidang
Level 3

Which version of TurboTax for small business - sole proprietorship

Hello, the best choice for doing and filing your income tax if you’re a sole proprietor, member of a partnership, or otherwise self-employed is TurboTax Self-Employed Online.

However, if you feel a bit overwhelmed, consider TurboTax Live Assist & Review Self Employed and get unlimited help and advice as you do your taxes, plus a final review before you file.

Note: Every version of TurboTax can be used to declare self-employment, including FREE!

TurboTax software 

View solution in original post

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