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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am filing my 2008 taxes for a small business for the 1st

Resolved Question:

I am filing my 2008 taxes for a small business for the 1st time. Where do I go? What sites can I use? Or what forms do I have to fill out?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
Hello smorehead,

Are you operating your business as a sole proprietor, or have your actually established a corporation?

Customer: replied 4 years ago.
Sole proprietor. But it's listed as an LLC.
Expert:  Merlo replied 4 years ago.
Hello again smorehead,

Thank you for the clarification.

Single member LLC's are disregarded tax entities. What that means is that the LLC itself does not file a separate tax return. All of the income and expenses from your business are simply reported on your personal tax return by completing Schedule C. Your net income from Schedule C then transfers over to your Form 1040. You will also fill out Schedule SE which is the schedule used to figure the SS and Medicare taxes that you owe, and this also becomes part of your regular return.

If you plan to purchase tax software to prepare your return, a good package to buy would be Turbo Tax Home and Business. This software will guide you through an interview process about your business and expenses and will automatically fill out the forms you need. If you plan to fill out your tax forms manually, you will need to complete Schedule C and Schedule SE to cover your business income and expenses and your SS and Medicare taxes. Figures from those two forms will both then transfer over to your regular Form 1040.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you smorehead and let me know if you have more questions.


Customer: replied 4 years ago.
I already filed my personal taxes in April. I have a full time job and I own the business. Do I have to refile?
Expert:  Merlo replied 4 years ago.
Hello again smorehead,

Was the business income that you had from the year 2008?

Customer: replied 4 years ago.

I did not include any personal income from the business. The business actually had a loss.

Expert:  Merlo replied 4 years ago.
Was the loss from your business from 2008 or 2009?

Also, can you please tell me when you filed your personal return, did you use one of the on line services such as Turbo Tax or Tax Act?

Customer: replied 4 years ago.
I filed my personal return in February and I used Tax Act.
Expert:  Merlo replied 4 years ago.
Would you please verify if your business loss that you need to report is from 2008 or from 2009????
Customer: replied 4 years ago.
$53,341.53 this is from 2008.
Expert:  Merlo replied 4 years ago.
Hello again smorehead,

If you had business income or a business loss from 2008 that you did not include when you filed your 2008 personal return, you will need to file an amended return for 2008 to report this additional business activity.

If you used Tax Act to file your return, you may also use Tax Act to file your amended return. This will need to be done before 10/15/09 , as after that time Tax Act will no longer support filing of 2008 returns.

What you will need to do is sign back in to your Tax Act account and follow the instructions for completing an amended return. Let Tax Act take you back through the entire interview process on income that you need to report. It will ask you if you have business income that you need to report and you will answer yes to that question. It will then ask you a series of questions which will allow you to input all of your business income and expenses. Tax Act will then fill out the needed schedules and recalculate your tax for you.

Amended returns cannot be electronically filed, so once you have completed this amended return you will need to print out the return and mail it to the IRS. If your amended return results in more taxes being due, you will need to remit payment with the return that you mail. If the amended return results in a lower tax amount, you will receive a refund once the IRS has processed your amended return.

Thank you smorehead and let me know if you have more questions.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and other Tax Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for your help. I appreciate it.
Expert:  Merlo replied 4 years ago.
Thank you smorehead, and let me know if you have more questions.

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