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Filing for first time- LLC

can anyone file my taxes for an LLC in Massachusetts? i am totally lost and this is my first time filing

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4 Replies
VictoriaD75
Expert Alumni

Filing for first time- LLC

TurboTax is self preparation software. We cannot file it for you. However, we can offer you guidance. Is the LLC single-member owned and reported on a Schedule C? Or, are there multiple members requiring the filing of Form 1065 and the issuance of Schedule K-1 to each member?

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Filing for first time- LLC

It is a multi member LLC  requiring the filing of Form 1065 and the issuance of Schedule K-1 to each member, I cant figure out how to organize my assets into a balance sheet and we also have a private mortgage on our property so i'm also confused on how to categorize mortgage payments. 

 

I'm pretty close to getting everything in order but i just don't know how to make a balance sheet and am confused on how to categorize private mortgage payments

RobertG
Expert Alumni

Filing for first time- LLC

You are not required to complete a balance sheet unless the partnership has assets of at least $1 million or gross receipts of at least $250,000.

 

 

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Filing for first time- LLC

Massachusetts requires to fill out a balance sheet for state returns

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