turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How will filing our LLC taxes effect our personal taxes?

My husband and I filed jointly for 2021. This year, we started an LLC here in Florida. Are we going to file for the LLC and file our joint taxes for 2022? He will receive a W-2 from an employer he had earlier in the year, but after that, I'm not sure how it works with the LLC income.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Donna F 77
Expert Alumni

How will filing our LLC taxes effect our personal taxes?

Congratulations on your new LLC!  Typically when there is more than one member of an LLC, the LLC must file as a partnership, corporation, or S-corporation.  If the LLC has only one member, it will be filed just like a sole proprietor files their business -- on their personal return as a Schedule C.  Whether or not you will file two tax returns depends on how many members their are in your LLC.  If you and your spouse both are members, you could be filing two returns, depending on how you choose for the LLC to be taxed (partnership, corporation, or S-corporation).  You could also be considered a joint venture (instead of a partnership) if you are in a community property state.  In the case of a joint venture, you and your spouse would each file a Schedule C on your personal tax return.  See resources below:

https://www.irs.gov/businesses/small-businesses-self-employed/married-couples-in-business

https://www.thetaxadviser.com/issues/2019/apr/llc-spouses-partnership-joint-venture.html

https://www.jbullconsulting.com/legaltalk/co-ownanllcwithmyspouse

https://www.limitedliabilitycompanycenter.com/llc/is-a-husband-wife-llc-treated-as-a-single-member-l...

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question