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Business & farm
@ponies2100112 wrote:
Do we enter this as a totally separate business from the sole proprietorship business on Schedule C or just combine them on Schedule C?
Since you mentioned "we", most here will presume that this is a multi-member LLC and, as such, the LLC will be required to file Form 1065 (if operating as a partnership).
See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e555
If both members of this LLC are you and your spouse (and there are no other members), and you hold your interests in the LLC as community property in a community property state, then you have the option of filing two Schedules C (one for each of you).
‎June 24, 2022
7:01 AM