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Jdegezelle
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Activity Feed for Jdegezelle
- Posted Multi-Member LLC (Husband & Wife Only) - Filing tax as a Single Member LLC or Multi-Member on Business & farm. March 9, 2020 7:25 AM
- Cheered Re: LLC change from multi-member to sole proprietor - how to do this and when is it effective. for JulieS. March 4, 2020 12:21 PM
- Cheered Re: LLC change from multi-member to sole proprietor - how to do this and when is it effective. for tagteam. March 4, 2020 12:21 PM
- Cheered Re: LLC change from multi-member to sole proprietor - how to do this and when is it effective. for tagteam. March 4, 2020 12:21 PM
- Posted Re: LLC change from multi-member to sole proprietor - how to do this and when is it effective. on Business & farm. March 4, 2020 12:09 PM
- Posted Re: LLC change from multi-member to sole proprietor - how to do this and when is it effective. on Business & farm. March 4, 2020 11:12 AM
- Posted LLC change from multi-member to sole proprietor - how to do this and when is it effective. on Business & farm. March 4, 2020 9:37 AM
- Cheered Re: Product Reviewer - What do I count as income and deductions for DianeC958. March 4, 2020 9:23 AM
- Posted Product Reviewer - What do I count as income and deductions on Deductions & credits. February 25, 2020 5:07 AM
- Posted Product rebate reporting requirements for personal taxes on Get your taxes done using TurboTax. June 7, 2019 5:57 PM
- Posted LLC Partnership with my wife - no income only expenses - should we still file Form 1065 since it is now past due? on Business & farm. June 1, 2019 1:11 PM
- Posted Understood. If it is a negative number, will I need to pr... on Business & farm. June 1, 2019 12:01 PM
- Posted I appreciate your response, thanks! The way I read Schedu... on Business & farm. June 1, 2019 12:01 PM
- Posted How do I balance Form 1065 Schedule L for my 2 person LLC with no income and only expenses. on Business & farm. June 1, 2019 12:01 PM
- Posted So then I am not required to file this year because my bu... on Business & farm. June 1, 2019 11:56 AM
- Posted Husband and wife LLC with only startup costs - can we push expenses to next tax year and not file this year? on Business & farm. June 1, 2019 11:55 AM
- Posted My Scheduke L is "out of balance" because I have no "asse... on Business & farm. June 1, 2019 11:28 AM
- Posted Form 1065 Schedule L Balance Sheets Per Books - Do I enter my credit card balance at beginning and end of year? on Business & farm. June 1, 2019 11:28 AM
March 9, 2020
7:25 AM
My wife and I (Husband) own a multi-member LLC, where we are the only members. We live in Minnesota (which is not a community property state). We started the business in 2018, and filed our taxes for 2018 as a multi-member LLC (so we filed a Schedule K) and then reported that information on our personal taxes. For Tax Year 2019, I'm wondering if we still need to file using a Schedule K, or if we can just file our personal taxes and claim the income/loss on those instead of having to file a Schedule K first and then do our personal taxes? Does it matter that we already filed as a Multi-Member LLC for Tax Year 2018? Do we need to fill out and submit Form 8832, Tax Election Change form? If we do fill that form out now, can we use that election change to file our 2019 taxes as a Single Member LLC? If we do file as a single member LLC, will be get a fine because we filed after March 15 and the IRS thinks we should have file by that due date for our multi-member LLC?
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March 4, 2020
12:09 PM
Also, being that we are an LLC, if we do file as a sole proprietor do we lose the protection of being an LLC?
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March 4, 2020
11:12 AM
I should have mentioned that we live in Minnesota and our LLC was formed in Minnesota, which is not a community property state. Does this change anything?
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March 4, 2020
9:37 AM
I opened a multimember LLC with my wife and myself as the only members in 2018. We filed taxes for 2018 as a multimember LLC, so Form 1065 and then reported it on our personal taxes. I am having an EA file my taxes this year (2019), both biz and personal. She said we should change to a sole proprietor and file taxes that way because they are much more simple. I am perfectly good with this but I'm not sure how to do it. The EA said we just need to file taxes as if we are Sole Proprietor and then write a letter the the IRS telling them of this change and that it was effective for the 2019 tax year. Is this correct? I'm worried I will get fined because they didn't receive the Multi member LLC taxes by March 15th - due to the fact that we will submit taxes as if it were a Sole Prop. Do I need to fill out Form 8832? Is it retro active for the previous year so that I could file taxes as a Sole Prop I stead of a multi member LLC? @DianeC958
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February 25, 2020
5:07 AM
I started a side gig (hobby) where I get products from a review website. I buy the product on Amazon and the review website then provides a refund (exactly how much I paid for the product on Amazon) to my PayPal Account. Do I need to claim these payment exchanges on taxes - they equal $0 at the end. I get refunded exactly what I paid for the product. How do I deal with these for tax purposes? Additionally, I get a small fee for each product I get. Usually around $2-3. I've made around $1000 for the entire tax year of 2019. How do I handle this extra income on taxes? Do I classify this as income from another source? Thanks!
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June 7, 2019
5:57 PM
I recently starting a side gig for a product research and feedback company. The process is this: I buy a product from Amazon that the company specificies. After I purchase the product, the company sends matching purchase price funds to my PayPal account. So I am getting a 100% on all purchases I make. I use the product and provide feedback to the company. I am wondering if I need to report any of this information on my taxes? Do i need to claim the product value as income on my taxes? Do i count the money they refund me as income on my taxes?
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June 1, 2019
1:11 PM
My wife and I started a partnership LLC in 2018. We only incurred expenses ($3000) from starting the business and had no income We missed the Form 1065 filing date. Should we still file to claim the expenses on our personal returns. Or should we not file and not claim expenses on our personal returns? If we file we will have to pay the late filing fee or $210 per month multiplied by the number of members.
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June 1, 2019
12:01 PM
Understood. If it is a negative number, will I need to provide justification/explain why it's negative on a separate worksheet?
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June 1, 2019
12:01 PM
I appreciate your response, thanks! The way I read Schedule B question 4, about the partnership satisfying ALL 4 requirements (less than $250k receipts, less than $1mil assets, filing Schedule K on time, and not filing/not required to file Sch M3) I do not meet the 3rd or 4th requirement - not filing on time and the LLC is filing. Based on that information, I believe the Schedule L (balance sheet) is required. I do have a separate business bank account. The expenses were all services (no equipment or assests). Could you explain further what you mean by "the difference is the partners equity" please?
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June 1, 2019
12:01 PM
I started an LLC in 2018 with my wife. We only had startup expenses during 2018 and put all purchases on a credit card. We invested no money into the business except enough to pay the monthly minimum credit card balance. On the Schedule L, should I only list the end of year credit card balance as a current liability? I believe doing this would make the Schedule L out of balance. How do I handle this situation? Note, the expenses for the year were entered into the appropriate boxes on the Form 1065. Do I need to list the expenses for the year on the Schedule L as well and the credit card balance?
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