Thank You for your replies. I, like many others, find them very helpful. Issue I am having is I purchased the Home and Business version of the software. We are husband and wife LLC with one property in Florida. The property needed to be re-furbished and the expenses were more than we could handle. We used some of our primary house equity for line of credit and I had to take up some side consulting work to help us out. At the advice of others, the consulting work paid the LLC. I am thinking the LLC is more of hassle then help in regards to the level of paperwork.
What are my options:
1. Can I ignore the LLC and just go straight to Sch C and Sch E? Can I dissove the LLC for future taxes?
2. Does only the income from the consulting is to be entered into Form 1065? That is income I performed so does 100% allocation for me and 0% for my spouse. Then proceed with regular tax forms.
3. Whatever you many suggest...
Thank You for your time
