building
Entity questions
Schedule C for disregarded LLCs. K-1 income for S corps and partnerships, marked as simplified.
LLCs and S corps
From the books to a reviewed return.
Sole props, single-member LLCs, partnerships, and S corps. The owner’s Form 1040 is calculated here. A Schedule C can be filed without a preparer. An S corp or partnership stops, because this desk does not prepare Form 1120-S or Form 1065.
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What kind of business is it?
A number, in the middle.
What kind of business is it? · 1/6
How is the business taxed?
Owner’s desk
What the desk includes
user
Expert review
A preparer steps in for a red flag, or when preparer review is turned on. It is off by default.
meter
Owner refund meter
Wages, pass-through income, and QBI on one screen.
- Not a full 1120-S
- Preparer review is off unless turned on
- Books stay out of the chat log
1
Name the entity
The questions change for a Schedule C versus a K-1.
2
Bring the numbers
Gross, expenses, and owner wages. Upload the 1099s you have.
3
You sign the 1040
You review the figures, pick a plan, and sign. The mock e-file says nothing was sent to the IRS.
Single-member LLC
Disregarded for tax. Profit lands on Schedule C, with self-employment tax.
S corp with a paycheck
Reasonable wages stay on the W-2. The rest is pass-through and is not taxed again as self-employment.
A partnership K-1
We carry a simplified ordinary number to the 1040 and say, plainly, that the 1065 is a separate return.
Illustrative scenarios. These are not customer reviews.