Myself and my wife set up an LLC last June where we're the only members. My question is if we have to file 1065 scheduel K1 (or two separate forms), or we can file 1040 scheduel C according to new exception in 2007? Thanks a lot!
Help with LLC taxes?
Yes - you can use Schedule C - but you have to file 2. 1 for each of you with. Each C will report the individuals share of the income/expenses (50/50, 60/40 whatever it is)
Reply:My wife and I did the same thing in November. From my (non-professional) understanding, If you and your wife are the only members and you file your personal taxes jointly, you are considered a single member LLC. For a single member LLC it depends how you elected when you filed your paperwork for your EIN. You can elect to be taxed as a corporation.
If you don't elect to be taxed as a corporation by default you are considered to be a "disregarded entity". In this case your LLC profit and loss information will be reported on Form 1040 schedule C of your personal income taxes.
I am neither an accountant nor an attorney and these statements are not professional advice. Check with a CPA for professional tax advice.
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