(02-01-2019 10:26 AM)Redwingtom Wrote:  

(02-01-2019 10:06 AM)stinkfist Wrote:  

(02-01-2019 10:02 AM)Redwingtom Wrote:  

(01-31-2019 11:30 AM)Owl 69/70/75 Wrote:  

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

Best advice, contact a CPA. I would not rely on Turbotax for anything.

depends on how savvy one is....

wtf do you think they're going to do....

why do engineers use CAD....

#derp

Yeah...have at it.

But it's more than clear from his comment that he's not to savvy...which is understandable. I have worked with taxes for years and I'm still not qualified to advise anyone on setting up an LLC...much less poking around on a cheap and unreliable off the shelf tax product like Turbotax for important tax advice.

it's pretty simple to code tax change legislation into any version of software....

and I stated in a previous post, if one isn't savvy, then using a CPA is not bad advice....

I only presented the option of either/or....

he asked. I responded. it's that simple.