jeffvikings
Employee Tax Expert

Get your taxes done using TurboTax

1)  In reference  how to prepare your return you first must determine the LLC's business structure.  Here is the link to determine the type of business you will be treated  for tax purposes Business structure 

2)  As far as records you are required to keep receipts for all income and expense items.  I strongly believe you should maintain a separate check book and credit card for the business to avoid intermingling your business and personal expenses.

3) What you can deduct is directly related to the work you do, under code section 162 you can deduct ordinary and necessary expenses as it relates to your business. See below link for a list of common expenses most self-employed taxpayers will want to review.  Here is a link of some common expenses to consider based on your industry type Common self employment expenses deductible  

 

4) As far as when are your business taxes due it depends on what you determine is the structure of your business.  Depending on the structure and whether you did not elect to not be a calendar year tax payer your return will be due on or before the 15th day of the third or fourth month after the close of your fiscal year. If your due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.

 

5) Form 5472 is a form required to be filed by businesses owned by 25% foreign owners.  Here is a link for you to determine whether this will apply to your situation Form 5472 IRS Instructions 

 

6) As far as your final question you may be able to take deductions for a home office or have another plan to write off part of your house expenses.  Again this is depending on the type of entity structure you have chosen to be.

 

As you can see entity structure is the key and your return could be due as soon as March 15th.  I'm glad you have started the process early.

I hope that helps.

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