I have a food trailer in Oklahoma. We created the LLC on November 2019 but we started to sell on February 2020. I have filled out and pay the taxes in the Oklahoma Tax Commission´web, but I din´t fill out any with the IRS. I have a few questions:
1. What kind of tax forms do I have to fill?
2. How Often do I have to fill it?
3. For the 2019, Do I have to fill out a tax form? even I din´t sell anything?
On the other hand, I would like to know if Turbotax has a special product for a Small Business
Really appreciate your help
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TurboTax Business 2019 can be found here.
The subject is a broad one that this space cannot do justice. The laws in your specific state may also affect your organization’s business structure.
An LLC is a creature of the state in which it is created. You then apply to the IRS for a Federal Employer Identification number (EIN) to:
One year from now, you may be able to report income and expense:
The IRS defaults to treating a sole member LLC as sole proprietor and a multi-member LLC as a partnership.
The second, third and fourth options will also require you to report income or loss in some manner on your person 1040.
There are multiple websites which explain the differences and pros and cons of these structures. Here is one. You may want to engage legal help that is familiar with your state laws.
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