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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
we have a 2 member LLC treated as a partnership for Tax purposes. we have a 1099-MISC issued to the LLC and using the EIN. We pay ourselves a salary from the LLC and are issued w-2's. how do we file the business and our personal taxes.
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
The business will file it's own tax return - a partnership return. For that, you will need TurboTax Business, which is not the same as Home and Business. The business will file a partnership return and the business will issue each partner a K-1, as well as any other documents if any income was received by a human, from the business, that was not earned income. The partners can not file their personal returns until after the business has completed its partnership returned and issued W-2s and any other income reporting documents as appropriate. Additionally, under no circumstances will a partnership that is filing a 1065 partnership return, issue any partner or owner a 1099-MISC or W-2. All owner income will be reported on the K-1.
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
All income to the partnership should always be reported under the partnership EIN, they must never be issued to the partners directly as that is a pain to fix.
You need to find a qualified CPA to get this mess straightened out if you did file payroll taxes on the partners already this year. Do it now before the end of the year while you still may have time to make the corrections.
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
A tax professional is definitely a good idea for the new business. Doing things wrong can be costly.
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
"Most LLCs with more than one member file
a partnership return, Form 1065. If you
would rather file as a corporation, Form
8832 must be submitted. No Form 8832
is needed if filing as a partnership."
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
Partners do not take salaries in a true partnership. they split the profit
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
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In a 2 member LLC being issued 1099-MISC using or EIN and We will both be salaried employees of the LLC, how do we file our taxes
Our 2 member LLC includes myself as a real estate broker and my partner as a real astate agent, as 50/50 partners. When commissions come in, we first pay commission to the external cooperating brokerage firm, then split the rest according to our broker/agent agreement (not a 50/50 split). In real estate, brokers and agents usually receive 1099 forms. Can we issue ourselves 1099s and pay LLC taxes on what was not distributed? We aren't salary employees, as the work is commission based, and we're not administraive executives (like a CFO) because we are actively engaged in real estate transactions. The broker license is in the name of the broker (a person), not the LLC. We are located in California.
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