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Updated almost 5 years ago on . Most recent reply

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Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
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Anyone DIY their LLC tax forms? What software do you use?

Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
Posted

After many years of doing my own taxes with forms A, C & E using Turbotax we started using an accountant when we formed an LLC like 5 years ago for our properties. Now he's MIA, and we weren't all that thrilled with him anyhow for what it cost. Anybody use the corporate grade of tax prep software? Is it any harder than what I was doing with Turbotax?


I think TT has software, but I figured why not ask if there's anything better. Or is this a dumb idea for some reason? Our LLC returns seemed confusing, but that may have just been him giving us a lot of the worksheet nonsense to make it seem more complex than it really is.

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

If you're already in the TT world, no reason to switch to H&R.  Lots of unnecessary data entry. 

I file my own 1065s and 1120S. But my s-corp owns nothing. The TT software is annoying on the 1065 for me because it tries to make me do the Sch L & M even though I purposely hold assets below the 1 or 2 M min in each to avoid them.   

if your LLC is single-member or just you and your spouse in a community property state, a sch e may suffice.

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