New Business

[tdswilley]

I have always done our personal taxes and have had no issues as we were both w2 employees.  Last year my husband stopped working in the IT industry and this past March he created a LLC Property Management Company (mostly dealing with agriculture).  We now have a tea farm :). 

The LLC supports a Co-op and when work is done (planting, maintenance, ground work done by subs) it is invoiced back to the Co-op.  My husband is more like a General Contractor and manages all the subs that come in to do specific work.  They are paid from the invoices given to the Co-op through my husband's company.

I no longer know how to do our personal taxes.  My husband no longer has an income, per se.  He has a company.  So I do not know what is the best way to do our personal taxes.

Any suggestions will be greatly appreciated.

[Carl]

Both you and your husband need to visit a CPA in your local jurisdiction ***NOW***!!!!!

You're looking at a SCH F for the farming (tea farm) and at least a SCH C for the LLC, unless it's a multi-member LLC (You say *we* have a tea-farm and *he* has an LLC).

If you don't get this sorted out ASAP, you will find that the fines, penalties, late fees and back taxes will make the cost of seeking professional help seem like a pittance in comparison, not to mention that it can bankrupt your endeavors before they even get off the ground. It can really be a double-wammy if your state taxes personal income too.

While you can use TurboTax, you may not be able to use the online version of TurboTax for this, and may need to file a 1065 partnership return for the tea farm. This can get quite complex, but you can learn it. You need one-on-one assistance face-to-face.

When seeking professional help, look for a professional with the heart of a teacher, not the heart of a banker.