DanielV01
Expert Alumni

Business & farm

@Wonderwoman49  Sorry, I am just now seeing your thread and am glad you have gotten assistance.  My only comment to add to what the others have already mentioned is that going forward, if the business continues to operate as an LLC, you don't have the option to elect that it is a qualifying joint venture.  The qualifying joint venture provisions apply when the self-employment income is not reconciled through an LLC (even though the LLC is a disregarded entity for tax purposes), unless you live in a community-property state.  Florida is not a community property state.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"