Can Quicken Home & Business handle LLC filing as S-Corp?

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George_G
George_G Unconfirmed, Member
edited September 2023 in Before you Buy

My sole-owner LLC would file taxes as an S-Corp with Fed govt. and NY State.
I am using my LLC to handle being employed as a 1099 contractor by other firms.
I need to manage payroll and its taxes, and benefits (medical, Solo 401K, IRA, Keog IRA)

I also would need to manage selling services as a Document Translator and Software Localization, so I might have to collect Sales tax—clarifying with NY State this last question later.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    Quicken isn't really designed for "corporation" reporting. Its "business" feature is really aimed at Schedule C or Schedule E filers.

    That said, you probably can get by with Quicken as a sole-owner LLC, though it's not going to allow you to import tax information into tax programs since all "tax" aspects of Quicken are oriented around Form 1040 reporting. Quicken does not provide a platform for paying employees so you'll have to do the legwork to create the Sub-S's paychecks and reporting. If you do use Quicken I'd suggest creating a separate data file for the Sub-S to keep it distinct from you, personally.

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited August 2023
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    Quicken is designed more for personal financial planning and reporting, not so much for LLCs and other types of corporations. What many corporate business owners use is a financial software that is designed for such businesses, such as QuickBooks. Those types of programs are designed to do exactly what you are describing is needed.

    Quicken Classic Premier (US) Subscription: R55.26 on Windows 11

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