BYoder Posted January 20, 2010 Share Posted January 20, 2010 Right - NAU, listen to yoder. I'm an accountant but taxes aren't my strong suit (I'm more systems guy/tech weenie). Yoder, OTOH, is a CPA if memory serves and lives and breathes taxes. Not a CPA but I do work in public accounting. I mainly work on business returns (S-Corps, LLCs) but do prepare some personal returns when we are busy. Just don't want anyone to get the wrong idea and think that they are getting answers from a CPA. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted January 20, 2010 Share Posted January 20, 2010 Not a CPA but I do work in public accounting. I mainly work on business returns (S-Corps, LLCs) but do prepare some personal returns when we are busy. Just don't want anyone to get the wrong idea and think that they are getting answers from a CPA. Well, thanks for the clarification. One of my first bosses (a CPA) told me if I didn't want to work in public not to bother with the cert. He said it doesn't necessarily tell you someone is a good accountant, but it DOES tell you that person can most certainly buckle down and get something done when needed. I've since found that to be pretty accurate. Anyway, I stand by my statement NAU - yoder and yomama are two people you can listen to with respect to taxes. Quote Link to comment Share on other sites More sharing options...
NAUgrad Posted January 20, 2010 Share Posted January 20, 2010 Is she a single-member LLC? If so, just file schedule C for her business on your personal tax return. No separate return would be required.If she has a partner they will need to file form 1065 and then she will receive a K-1 with her share of the income. Once you receive the K-1 you can finish your personal return. Okay, so she is a single member. So all she has to do is fill out a schedule C and we can complete our tax return. Then she needs for formally file her taxes as well for the LLC right? Or are you saying by filling the joint tax return with the schedule C, that qualifies for filling the return for her company? Thanks for the advice by the way. It's extremely helpful! Quote Link to comment Share on other sites More sharing options...
BYoder Posted January 20, 2010 Share Posted January 20, 2010 Okay, so she is a single member. So all she has to do is fill out a schedule C and we can complete our tax return. Then she needs for formally file her taxes as well for the LLC right? Or are you saying by filling the joint tax return with the schedule C, that qualifies for filling the return for her company? Thanks for the advice by the way. It's extremely helpful! The bolded is the correct answer. Since she is a single member LLC it is considered a disregarded entity and there is no separate filing requirement. When you prepare your personal return you will fill in schedule C for her like she is a sole proprietor. Just make sure that for the name of the business that you put the name of the LLC and also put the tax identification number of the LLC on the form. Quote Link to comment Share on other sites More sharing options...
NAUgrad Posted January 20, 2010 Share Posted January 20, 2010 The bolded is the correct answer. Since she is a single member LLC it is considered a disregarded entity and there is no separate filing requirement. When you prepare your personal return you will fill in schedule C for her like she is a sole proprietor. Just make sure that for the name of the business that you put the name of the LLC and also put the tax identification number of the LLC on the form. You my friend are the man!! Thanks for the advice! Quote Link to comment Share on other sites More sharing options...
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