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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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If I own 4 different single member LLCs how do I file taxes

Customer Question

If I own 4 different single member LLCs how do I file taxes at end of year. Is it all on my person taxes, where do i reference the LLCs and their EINs etc...
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

You will need to complete 4 different Schedule Cs. One Schedule C for each LLC. Indicate on the Schedule C that it is an LLC. The information from the Schedule Cs flows over to the form 1040.

Link to Schedule C/instructions:

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf

Let me know if you require further assistance with this matter.

Customer: replied 1 year ago.
Ok I do have another related question. Let's say I have an LLC account with for example 50,000 in it that has already been taxed in previous years but it is just sitting in an account. If I move this money to another LLC which is designed just for "protection" as a "holding" type of account do I have to report the money moved to this new LLC account as income to the new LLC since it was already taxed?
Expert:  Tax.appeal.168 replied 1 year ago.

No, transferring funds from one business to another business is not considered income. If you need to know how to do this, you can refer to the following link;

https://community.intuit.com/questions/881002-transfers-funds-from-one-company-to-another