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Llc taxes. Didnt have any income, but a few expenses. What…

Customer Question
llc taxes. Didnt have...

llc taxes. Didnt have any income, but a few expenses. What do I need to do?

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

Llc pass through partnership. 2 partners.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I dont know yet

Submitted: 1 month ago.Category: Tax
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Answered in 2 minutes by:
3/9/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,677
Experience: Taxes, Immigration, Labor Relations
Verified

The LLC will need to prepare income tax return on form 1065.

The LLC with several members is classified as a partnership for tax purposes.

It will issue K1 forms to each partner.

As there were only expenses - it will generate a loss - and they will be passed to partners to be used on individual tax returns..

Questions?

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Customer reply replied 1 month ago
If both members already filed their personal/individual returns, will they need to be amended?
Tax Professional: Lev, Tax Advisor replied 1 month ago

If you want to take advantage of these losses - yes.

If that are very small amount and will not affect partners' refunds - you may ignore and not amend.

Here is the form

https://www.irs.gov/pub/irs-pdf/f1065.pdf

and instructions

https://www.irs.gov/pub/irs-pdf/i1065.pdf

and schedule K1

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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