I created a new single member LLC for a side business. Can I use my current QB Self-Employed account I use for my main job (also Self-Employed) to track this new LLC or do I need a new QB account and subscription for the new business? I assumed the latter but wanted to make sure. And if I do need 2 separate accounts for each, can I just import both accounts into TurboTax when filing taxes since they’re both Schedule C’s?
One QBSE/QBO account is for one company file. You can manage branches/divisions by utilizing the Class/Location feature available in QBO Plus and Advanced. Otherwise you should open a new account. Keep in mind, you are only allowed to use one email address to open one QBSE account.
That’s what I thought. Thank you for the clarification. I can send all the info from both accounts to my one TurboTax when filing my taxes, right?
Hi there, BH306.
I appreciate you for coming back to the thread to ask additional clarification about sending data to turbo tax for filing purposes. With this, I'll be sharing details on how taxes work to QuickBooks Self Employed and Online versions. Then, to ensure you file your forms accurately.
When it's time to file taxes, you can export your data directly to TurboTax Self-Employed. However, the ability to import or send all the info from the QuickBooks Online account to TurboTax is currently not available. This is because with QBO you can file and pay for your taxes within the system by utilizing the Taxes feature.
Additionally, you also have the option to transfer your data from QBO to QuickBooks Desktop (QBDT). Then, transfer them then to TurboTax. To do this, you'll have first to download our trial version for free. Then, to drag your QBO data to QBDT, you can refer to this article to see the detailed steps on how to perform the process: Export and convert your QuickBooks Online data to QuickBooks Desktop.
Once done, you can follow the steps below on how you can transfer your QuickBooks data to TurboTax.
You can check this link for additional information: How do I import QuickBooks data into TurboTax Business?.
Lastly, you may refer to this article to view details of the different classifications of returns does TurboTax Business has: What types of returns does TurboTax Business handle?.
Feel free to post an update in the comments section or if you need further assistance with transferring your data to TurboTax. I'll be here to lend a helping hand. Have a lovely week!
Thanks for all of that info. I know I need to use QB self-employed for both business since (from what I’ve heard) that’s the only program that can do a schedule C for Sole Proprietors. If I already have a bundle of QB Self-Employed + TurboTax to file my taxes for my main business, for this new LLC, do I just need a new QB Self-Employed account for it and then I can import both QB accounts into my one TurboTax account when doing my personal taxes? Just wanting to make sure before I create this new QB account for it.
Thanks for getting back to us, @BH306.
Allow me to join the thread and answer your questions about importing your data to TurboTax.
You can import QuickBooks data to Turbotax accounts if they share the same login credential. With this, the option to import both QuickBooks accounts isn't possible.
As a workaround, you can get the Schedule C data by running the Tax Summary report for your other QuickBooks Self-employed account and manually entering them on TurboTax. I'll show you how.
Additionally, I've added an article that'll help you transfer your file: Import QuickBooks data into TurboTax Business.
For more information about the QuickBooks Self-Employed + TurboTax Bundle, you can visit this article: QuickBooksTax Bundle and how to upgrade.
Everything you need to about managing taxes including how QBSE calculates your taxes and what you'll need to do with a tax return can be found in the following articles:
You're always welcome to ask questions if you have other concerns transferring your data. It'll be my pleasure to give you important information about the Self-Employed (and other versions) platform
That perfectly explained what I needed to know. Thank you so much. :)
I'm so happy my colleague provided the necessary information to help you! Please know that if you ever have a concern, we are here to help! Take care.
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