quote:

Originally posted by trapper189:
If he’s the only member, the IRS will automatically disregard it as a separate entity and he’ll report it on Schedule C.

Thank you for that observation – this is a one-person LLC.

quote:

Originally posted by 220-9er:
Another aspect is that the CPA can answer questions and steer me in the right direction where needed.

This is part of my thinking – I need not only the forms to fill in, but good advice as well.

quote:

Originally posted by joel9507:
Maybe ask your contact at the old place for a couple recommendations? (Or ask your lawyer, banker, etc.)

Though I’m not a fan of “the firm,” I think I could call “my guy” there and get some good advice on picking his replacement. He’s a down-home, small-town fella like me, and very laid back and straightforward.

quote:

Originally posted by SIGnified:
CPA always seems to save me more money than TurboTax… even after professional services fees. All the time.

Also one of my thoughts –what I paid my now-former CPA wasn’t really much more than what TurboTax and some filing fees would cost. Save me the time and hassle? Yes, please!

quote:

Originally posted by tatortodd:
TurboTax had a programming error they fixed part way through tax season.

This is something that worries me, for sure.

I've used TurboTax (the CD version) for as long as I can remember, and continue to do so not because it's the best -- though it may be, I don't know -- but because it's familiar and my info can be lifted from year to year to the new return. I'm also of course confident in its ability to manage our income and credits and ask the right, relevant questions. When I have had an issue -- and it seems like there's some minor issue every year that needs clarifying -- the initial customer service reps are great, and when I've had to escalate to one of their on-staff tax professionals, they're quick to do so and I've always been able to resolve the question. Do I get every cent credited that I might if I used a live tax preparer? That I have no way of knowing, but I do know I'm pretty satisfied with the product. I will say, though, that since our financial picture has become more complex in the last few years, I may take another look in the next year or two.

TurboTax is like Word, everyone uses it but it is not the best Windows based processor out there. I ditched TurboTax years ago because it was so clunky and went to TaxAct. It has worked well and we will be using it again this coming tax season.

quote:

Originally posted by Aeteocles:
I have complex taxes. I use TurboTax. It gets it done.

You'll need to buy one version for your own personal taxes. Buy the package that includes what you need (e.g., rental income, personal business expenses, etc).

Your LLC is a separate entity. It will need to file its own business returns, and generate the relevant schedules for you to report as an individual (e.g., a Schedule K-1). Thus, the LLC will need its own version of TurboTax (plus additional fee for state filing, as the business version doesn't include state filings).

As he said, you'll need at least TurboTax Premier for your personal taxes, investments, and rental property. If you have a personal business, you'll need TurboTax Self-Employed. It's $89. Link

The LLC needs it's own software, TurboTax Business Link and that's $180. That's a total of $270.

I've done my own taxes even before software and just reading through the publications. And I've used TurboTax after Parsons Technology which is what I started with.

But for you, I would recommend just finding a local CPA business. Here's why, it would be one thing just doing your own taxes but it's another level to be doing you LLC's taxes. For either personal or LLC taxes, do you have the detailed knowledge of taxable items? Because the time you spend on the learning curve will be taking away from your personal life and LLC. And you'll have to refresh it every year. I just want to put this out there even though I know 80% of the work, if not more, is in organizing the information you take to your tax person.

You'll be out $270 just for the tax software without putting the time to go through the tax process. Since you've been paying a firm to do your taxes, I think your time is better spent finding a local CPA who can take over. I think you can find one in state and just communicate by email and zoom meetings.

I've since read the post where you report your business under schedule C, in that case then TurboTax Self-Employed will handle all your stuff.

Then the problem becomes simpler and comes down to whether you have been organizing your tax information very well all these years which means you do have an idea of the tax categories. TurboTax can take you through an interview process that will walk you through everything. You just need your tax information handy and organized.

I'm locked into TurboTax because it hasn't given me any issues over the years. I suppose any tax software should get you to the same place; the difference is just in the GUI.

quote:

You'll be out $270 just for the tax software without putting the time to go through the tax process. Since you've been paying a firm to do your taxes, I think your time is better spent finding a local CPA who can take over. I think you can find one in state and just communicate by email and zoom meetings.

^^^^^^^^^^^
I remember sitting in the office of my first CPA. The walls were lined with books pertaining to taxes. I looked at a couple and decided this was not my area and way above my head. He suggested setting up a Keough plan. I had no idea what he was talking about. I concluded I hate accounting and tax preparation and I want someone in my corner if the IRS comes calling. It has been well worth it over the years. A CPA on this forum saved me thousands of dollars. Let us know what you decide.