I worked full time for the first half of the year so I will have a W-2 and I also have a single member LLC to work as a freelance contractor so I will get a 1099 and a partnership LLC for which I will get a schedule K with my partner contribution.
Should I just include all these under my individual taxes or do I need to file separate taxes for my LLC?
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As a single member LLC you would include this income on your personal return. An LLC with 2 or more members would file a separate tax return, Form 1065 for partnerships. An election can be made to be taxed as a corporation by a single and multimember LLC if desired.
Hi There:
Partnership K1 items you will have to entered on your individual return. Single member LLC items should also be entered on your individual return on form Schedule C, which is the easiest way to do it
In general, why file an extra return with the the additional cost and record-keeping? You have to consider what advantage you are looking for in filing a separate return vs. filing just one return.
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