Question by Hollywood: Small business and personal taxes of LLC?
Myself and my partner Tiffanee started an LLC Partnership in February of 07. For taxes do I file my personal taxes first then file my business taxes or how would I or we do this. We both own 50% of the business. Please help. Thank you
Also, we are having someone prepare our business taxes for us, what do we need to bring in order for him to do this? Any information will help…thanks
Answer by Arthur R
Calculate your business taxes first, as most LLCs are _primarily_ pass-through entities. The K-1s you prepare will show you what needs to be filed on your personal returns.
As for what information you’ll need for the business returns, IRS Publications 334 (Tax Guide for Small Business), 535 (Business Expenses), 463 (Travel, Entertainment, Gift, and Car Expenses), and 583 (Starting a Business and Keeping Records), and 946 (How to Depreciate Property) should be a good start. They’re all available online (in PDF and HTML formats), and by contacting the IRS (calling 1-800-TAX-FORM).
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