How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask emc011075 Your Own Question
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2188
Experience:  IRS licensed Enrolled Agent and tax instructor
Type Your Tax Question Here...
emc011075 is online now
A new question is answered every 9 seconds

I run a business in the United States, an LLC out of

Customer Question

Hello,I run a business in the United States, an LLC out of Delaware. My current accountant has filed an extension. However, I am currently in escrow to buy a home, and they said they need my tax return by Monday. Is there any way to do this myself, fast and efficiently so I have something to show them on Monday?
Submitted: 4 months ago.
Category: Tax
Expert:  emc011075 replied 4 months ago.

Hi. My name is ***** ***** I will be happy to help you.

If it is a single member LLC and as long as you have all paperwork, you can use any tax preparation software. You can also pay somebody at any tax preparation office, you will just need to find out which one is opened at this time of year. It may not be accepted by IRS by Monday.

Customer: replied 4 months ago.
Well, most importantly, I need a draft to show them that the business makes income and what not. Can I just funnel the income to my personal tax return?
Expert:  emc011075 replied 4 months ago.

What type of entity is it? Single member LLC or corporation?

Customer: replied 4 months ago.
Expert:  emc011075 replied 4 months ago.

Ok if it is single member LLC there's no separate business return. You will report the income and expenses on schedule C and the profit will reported on your 1040. Your accountant should have the income and expenses information. You may need prior year return if you claimed any depreciation or carryovers but business version or Turbo tax can handle it.

Expert:  emc011075 replied 4 months ago.

Any questions?

Expert:  emc011075 replied 4 months ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.