Hello,
My wife and I started and LLC that we run our business under which is owning a manufactured home park. We collect rents into our business account and have items we would like to do for deductions. Where I am running into problems is that I am a first time business owner, and I don't know how to generate the proper forms that I need to file my taxes and then in turn, don't know how to file them with my turbo tax home and buisness.
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Please clarify the tax forms that you need help generating. Are they 1099s, W2s, what?
Sorry, this is all new to me. My wife and I filed our married taxes for 2022. We also started an LLC for our manufactured park. I don't know if I was to file that with our taxes or file separate. Either way, I don't know how I generate any business forms to file my taxes. I don't have any K-1s or anything to file my business taxes. I thought turbo tax home and business would help me with that, but I am finding that isn't the case.
The type of tax return that you prepare for your LLC depends on the type of LLC you and your wife formed and what state you live in (for a Single Member LLC). If you formed a Single Member LLC (married couples can form a Single Member LLC) which is treated as a "disregarded entity" it is reported on a Schedule C.
If you chose your LLC to be taxed as a partnership, you have to prepare a partnership tax return (Form 1065) and you would create Schedule K-1s for each member’s share of the income and expenses. You would use the TurboTax business product to prepare Form 1065, not TurboTax Home and Business.
You will have to amend your 2022 tax return either way, If you file a Form 1065 and issue K-1s, they will need to be entered on your tax return. If you have a Single Member LLC, you will need to add a Schedule C to your tax return.
For more information, please review the TurboTax article Limited Liability Company Taxes.
If you have additional questions, please contact us again.
EDIT 4/4/23|9:54 am PST
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