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My LLC is now fully incorporated and i file corporate taxes. I need to remove it from my personal taxes as I'm no longer taking business deductions. How do I do that?

 
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2 Replies
M-MTax
Level 13

My LLC is now fully incorporated and i file corporate taxes. I need to remove it from my personal taxes as I'm no longer taking business deductions. How do I do that?

You need to elaborate and clarify:

 

Did you merely file articles of organization to establish an LLC? If so, is the LLC a single-member LLC or a multi-member LLC?

 

Did you file a Form 2553 to elect to have your LLC treated as an S corporation for federal income tax purposes or a Form 8832 to have your LLC treated as a C corporation for federal income tax purposes?

 

The answers to the foregoing will dictate whether you continue filing a Schedule C, file a Form 1065, or file a Form 1120 or 1120-S.

M-MTax
Level 13

My LLC is now fully incorporated and i file corporate taxes. I need to remove it from my personal taxes as I'm no longer taking business deductions. How do I do that?

Note that if your LLC is a multi-member LLC, you need to file a Form 1065 unless you elected to have the LLC treated as a corporation for federal income tax purposes.

 

If you elected to have your LLC treated as a corporation (S or C) for federal income tax purposes, then you would file a Form 1120 (C corporation) or a Form 1120-S (S corporation).

 

If either of the above is applicable, then you would need to use TurboTax Business to prepare and file the business return or use a tax professional for that purpose.

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