We just started a therapy practice in October of 2022. The business is an LLC partnership. I have purchased the personal version to use for our personal taxes. We are using Quickbooks and something called Simple Practice to keep track of clients and billing. Im told once the business taxes are done, I use a schedule from it to do my personal taxes
I have a few questions.
#1 Which product would I need to do our business taxes?
#2 I have been doing our taxes for 10 years now. Should I attempt to do these business taxes myself, or should I hire someone to prepare them?
#3 How hard are business taxes to complete and is there anything that makes them harder than normal?
#4 If I should decide to hire someone., any recommendations on who to use?
#5 What is this schedule that I need to use from our business taxes and how do I import it into personal?
Thanks in advance
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#1 You need TurboTax Business (not Home & Business). TurboTax Business is available only as a CD or download that you install on your Windows computer.
#2 & #3 It's probably a good idea to hire someone for the first year. After you see what the tax professional does, you can decide how comfortable you would be doing it yourself in future years. A partnership tax return (Form 1065) is very different from a personal tax return.
#4 We cannot recommend particular tax preparers. You can search for a local Enrolled Agent on the NAEA web site.
#5 The partnership tax return will include a Schedule K-1 for each partner. You cannot import the Schedule K-1. You have to manually enter the information from the Schedule K-1 in your personal tax return.
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