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I have a new business, opened in september 2017, single

I have a new...

I have a new business, opened in september 2017, single member LLC, no sales, some reasonable business expenses so far. created and located in Maryland, how do i file?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I received my excise sales tax in december, and recently received a letter from the comptroller of maryland saying i didn't file my sales tax for december, it also informs me to call a stated number to file a "zero return" if no tax is due for december, do i proceed?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am the business owner and single member of the LLC, I also had a full time job from jan 1 to september 31st, started working on personal business from sept until today. I have received my W-2 and all other documents to file for the full time job, now how do i file for both personal and business, additionally, am i able to file 1 tax filing or is it 2 (personal and business) ?

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3/3/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,127
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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You have options when starting an LLC. The default is a schedule C, filed with your 1040 personal return or you can elect to be treated as a corporation. This would require two returns.

First, a review of your business is appropriate for 2017. If you were in business, but had no sales, in many cases you can deduct the expenses, creating a loss to use against your w-2 and other income. Let's assume you can do that.

Then a schedule c, reporting the loss, is easiest. One return. Hopefully the tax loss creates a tax refund.

In the future, once you are making money, other forms of the LLC can be chosen, along with paying you a wage like an employee. But for now, file one return and get your refund.

Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer

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Customer reply replied 5 months ago
Thank you very much for the clarity. Going off the basis that I will file using the schedule c this year.
Question is, can and will I be able to elect to file as a corporation if I file using the schedule C this year?Furthermore, where or what form do I use for the itemization of my expense for the business?How do I and at what point do I provide the IRS with my expense receipts ? Also do I proactively provide the expense receipts or wait until they are asked of me by the IRS?

You can select a different form, C or S corporation, in the future. When you are making money, revisit the question. Doing this will require you to take a wage, with the associated withholdings, but could save significant tax dollars once you are more profitable.

Schedule C https://www.irs.gov/pub/irs-pdf/f1040sc.pdf is used to report income and expenses. I suggest that you have a preparer do your first year return. The overview of your business and your records will be invaluable as you go forward.

You hopefully never have to provide receipts to IRS, only if they require you to via audit. You just have to retain good records in case they ask.

One benefit to using a tax pro is that IRS is depending on them more than ever to prepare and file accurate returns. The second signature gives a lot of confidence that you are filing in good faith.

Thanks again for asking at Just Answer. Positive feedback lets the site know you are happy with my assistance. I'mCustomer

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Customer reply replied 5 months ago
I am more than grateful for your help. You answers were direct, swift and straight to the point. If you can send me your business card in hopes to discuss some business.Regards

See my premium service offer for a $5 phone call to discuss.

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Customerhere, following up on your request to continue our discussion. Please consider my phone conference offer which also sets up a private link for communications, where I can post contact information.
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,127
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Customer reply replied 5 months ago
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Customer reply replied 5 months ago
Please let me know when I should expect a call from you.Regards
I'll try to call around noon EST.
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I just tried the call, and didn't connect.

I'll post my number, and you can call me. My name is Brian.

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