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I am filing an LLC in a schedule C, as I was asked by the
I am filing an LLC in a schedule C, as I was asked by the client. Do I still need to include a K1 even though am not filing 1065? Or do I need to do something different in this case?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Last tax year (2016) Me and my friend setup a Partnership
Last tax year (2016) Me and my friend setup a Partnership 1065. At the end of 2016, I bought my partner out and now I am the only member in the business starting from Jan 2017. So, do I still file a 1… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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My two brothers and I formed an LLC to purchase residential
My two brothers and I formed an LLC to purchase residential homes in need of repair and sell the homes after repairs are completed. Two of us have equity lines of credit on our personal residences and… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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My brother and I started a business last year is a LLC
My brother and I started a business last year is a LLC partnership. How should I go about filing taxes for that. … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I filed to start up an LLC and named my friend the co-owner.
I filed to start up an LLC and named my friend the co-owner. While we had discussed this he failed to mention that he already owns a business. He is now worried about his tax liability. Is this going … read more
Mark Taylor
Mark Taylor
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Masters
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My husband started a partnership LLC with his brother. My
My husband started a partnership LLC with his brother. My husband wants to be removed - however, his brother wishes to retain the EIN number since he plans to continue with the business. Can my husban… read more
Mark Taylor
Mark Taylor
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I need some assistance in tax question. I have a business
I have a business registered in texas which became a partnership in 2005. The IRS is stating i need to file 1065 tax forms for 10 years.I thought in texas it was a disregarded entity so i didn't need to file but the iRS is stating otherwise. Is this correct? … read more
Mark Taylor
Mark Taylor
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Multimember LLC formed in 2015. No revenues and not
Multimember LLC formed in 2015. No revenues and not operational in 2015. We consider our "active conduct of business" to commence in 2016. Capital contributions from members received in December. We p… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I know in general partners in an LLC should not be paid via
I know in general partners in an LLC should not be paid via W2 income (rather, they should be taking partner draws/distributions). But I was told that a partner acting as a "managing member" could als… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
We obtained FED EIN in 2015 with multimember LLC and
We obtained FED EIN in 2015 with multimember LLC and registered as multimember LLC with AZ State as well. After this in DEC 2015, we amended our AZ articles to just a single member LLC. Our question i… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
In New York State, I registered a Land Trust to own a residential
In New York State, I registered a Land Trust to own a residential rental property. The beneficiary of the Land Trust was my A1 LLC. I claimed loss in the 1st year tax on A1 LLC. In second year, I chan… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Hello, I created an LLC. It is a Nevada LLC it owns 3 houses
Hello, I created an LLC. It is a Nevada LLC it owns 3 houses (with mortgages) in Nevada and one condo(no mortgage) in Arizona. I live in California. My wife and I have a revocable trust that actually … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have a client that is having a organic little farm he is
I have a client that is having a organic little farm he is using some technological equipment to grown produce. last year was his first year and filed a schedule c only loss, this year he said he rais… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,926 satisfied customers
We are a multi-member LLC partnership. We want to take deductions
We are a multi-member LLC partnership. We want to take deductions on both the business K1 and on our personal returns. Does it matter from a legality or tax break perspective if we claim expenses on o… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,926 satisfied customers
My wife and I started a small business last year and incorporated
My wife and I started a small business last year and incorporated as an LLC. We are now doing our taxes for the first time with the business considerations and from what I'm reading the rules are tell… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Quote from last answer The LLC will file either form 1065
Quote from last answer "The LLC will file either form 1065 or form 1120S - your choice. These are pass through entity returns where the net profit/loss is passed through to the individual owners and t… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
started business in 2009 as an LLC with 6 members...we didnt
started business in 2009 as an LLC with 6 members...we didn't make any money at all this year and all members were just contributing their time, skills etc instead of cash... about midway through the … read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
In 2007 I filed a partnership LLC one of the members was removed
In 2007 I filed a partnership LLC one of the members was removed in 2008. I was told that it is now a single member llc and that I do not have to file a return and all should just be reported on sched… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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