My husband and I opened 2 LLCs this year. Do I need to file the LLCs each separately from my standard tax return?

[skylahblue]

One of our LLCs uses several independent contractors to fulfill and manufacture orders placed through our business. It has made several thousand of sales during its first 8 months. We do collect/file sales tax and their returns for the states that require us to. 

The second is a service style business. It has not been active like our other business but probably has brought a couple thousand over the course of the last 8  months. 

[SweetieJean]

Which state?

[skylahblue]

Missouri

[Critter]

If you have 2 multi member LLC's then you MUST file a Partnership return form 1065 for EACH LLC as the IRS is expecting both returns.  If you have never completed a form 1065 before I highly suggest you seek professional help for at least this first year to get educated.  Also the Partnership returns are due 3/15/18 unless you put them on extension ... filing late will get you billed for penalties & interest. 

[skylahblue]

Thank you! For future reference.. Can Turbo Tax fill out and file the 1065 return forms as part of the small business package they offer?

[Critter]

The TurboTax Business Edition will complete a Form 1065 and generate a Schedule K-1.  The Business Edition is a separate program from the TurboTax personal editions.  It will not complete a personal tax return, Form 1040.  The Business Edition can only be installed on a Windows based computer, not online or on a Mac.  Go to this TurboTax website for the Business Edition - <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>

[skylahblue]

Ok, thank you. I think I understand. In using the Turbo Tax Business that will be for strictly getting my LLC ready for filing. The Turbo Tax Home and Business will be for my personal taxes, including any additional sole proprietorships my husband and I had this year. This tax stuff can be confusing. I want to make sure I am doing it all correctly! I really appreciate your help!

[Critter]

You are correct.

[skylahblue]

One last question. The money we paid ourselves as income from the LLC, is that reported on our personal tax return as separate income...do we need to send ourselves as individuals a 1099-Misc is what I think I am asking?

[Critter]

NO... you do NOT 1099 yourselves.  The partnership returns pass thru the income & expenses to the personal return via a K-1 form ... do NOT enter any of this on the personal return in any other fashion.

Again ... I highly recommend you seek professional help at least for the first tax year.

[TaxGuyBill]

I agree with Critter ... go to a tax professional for at least the first year to learn what to do with Partnerships.  Be sure to go to one that is experienced with Partnerships.