I usually use taxact.com , but I started an event planning (LLC in Texas) business this year and have many things to write off and taxact only allows sole prop. ...any suggestions???
2007-12-20 14:39:15 · 3 answers · asked by D B 2 in Business & Finance ➔ Taxes ➔ United States
good point- sorry, to clarify I neglected to mention I have a partner...
2007-12-20 15:34:50 · update #1
The deductions are EXACTLY the same as what they were before you became an LLC. There is no difference. An LLC is a disregarded entity as far as Federal income tax rules are concerned; you file the same return as you would have if the LLC did not exist.
Since you now have a partner, you must file a Partnership return on Form 1065. You'll probably need the "Premium" edition of any tax software to handle that. The income from the partnership will flow to the partners' tax returns via the Schedules K-1 that are part of the partnership return. You then pick up that income on your personal return as well as any self-employment taxes due.
2007-12-20 23:12:22 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
An LLC *is* a disregarded entity with the IRS. If you are a single member LLC and did not elect to be an S-corp, then you ARE a sole proprietor.
2007-12-20 14:55:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-11-23 18:53:16 · answer #3 · answered by ? 4 · 0⤊ 0⤋