Tax Forms needed for LLC ... single partner

Discussion in 'Business Operations' started by Prestige-Lawncare, Apr 14, 2008.

  1. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    What do I need to file ..... ???
    About 18K in new equipment for 1st year start-up, very, very low income to report.

    :confused:
     
  2. bcg

    bcg LawnSite Bronze Member
    from Tx
    Posts: 1,835

    You'll be a DE (unless you made an election to be taxed as a corp) and file on Schedule C. I'd STRONGLY recommend you just file and extension and have it professionally prepared, especially if you don't fully understand what I said in the first sentence. Filing a business return that hasn't been is just asking for an audit...
     
  3. ECS

    ECS LawnSite Bronze Member
    Posts: 1,733

    A good accountant!!!!!!!
     
  4. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    Other then an accountant ... anyone have a straight-up answer?
     
  5. ffemt1271

    ffemt1271 LawnSite Bronze Member
    Posts: 1,285

    all i did here was file articles of organization, limited liability company, and sent them $75.
    call your secretary of state and they can help you with everything
     
  6. grassmoker

    grassmoker LawnSite Member
    Posts: 15


    You'll need to file a form 1065 for the LLC. In addition to that, you'll need to file a form 4562 for the depreciation of your newly acquired assets. Not knowing your particular tax situation, you should be able to take the entire depreciation all at once under IRS section 179. Hope that helps.
     
  7. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Posts: 753

    Thank you ... that is exactly the type of answer I was looking for.

    Have a GREAT Season!
     
  8. bcg

    bcg LawnSite Bronze Member
    from Tx
    Posts: 1,835

    This isn't necessarily right, though. It depends on several factors. Are you a single member LLC or do you have more than one member? Have you elected to be taxed as a corp? If so, which corp (S or C)? If you're a single member LLC, you're going to be a DE (like I said originally) and will file the LLC on your Schedule C. If you're multi-member but have not elected to be taxed as a corp, then you file 1065. If you've elected to be taxed as a corp, you need to file the appropriate 1120. This is why everyone, including me, told you to find an accountant. For $400 you can have it done properly and be 95% less likely (that's an accurate statistic) to be audited.

    Good luck if you do it yourself, I'll bet you get a letter from the IRS...
     

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