Does an LLC File a Schedule C? Yes, if you have a single-member LLC that is not taxed as a corporation, you must file Schedule C. For tax purposes, the IRS treats a single-member LLC like a sole proprietorship unless the LLC elects otherwise.2 The Bottom Line If you are self-emp...
An LLC can choose to be taxed as a corporation if it does not want to be taxed as a partnership. If an LLC chooses to file as a corporation the LLC needs to: Complete The Entity Classification Election, Form 8832. Before the form is submitted to the IRS, all of the LLC's members...
Which of the following is correct regarding the form for filing the annual Federal income tax return? a. Business Entity Form: LLC; Tax Form: Form 1120S b. Business Entity Form: Sole Proprietorship; Tax Form: Form 1040-Schedule C c. Business Entity Form: ...
TurboTax Tip: If you’re self-employed and claim a home office, all the driving you do from your home to clients’ offices is typically deductible. If you don’t have an office in the home, the first and last trips of the day are typically considered non-deductible commuting. K...
Cellphones have become just as vital to business as a land line, which makes them an ordinary and necessary business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it's a deduction that the IRS scrutinizes to make sure personal...
To claim the deductions for 2017 if you are eligible you would have to file anamended return(form 1040X). If after amending your return your AGI is reduced—that reduction could affect your state return and you could possibly amend that return as well and get additional income. ...
Understanding Form W-9 A W-9 form is a formalwritten request for informationonly and is used solely for the purpose of confirming a person’s taxpayer identification number (TIN). An employer or other entity that is required to file an informational document with the IRS, such as Form 1099...
If you are in the early stages of creating content you don’t have to file for an LLC just yet, suggests Guterman. If you’d like to acquire a free EIN, you can do so via the IRS.gov website. Having an EIN doesn’t mean you have to file separate taxes for your business; it ...
Consider Also:What Is a Schedule C Form: Who Needs to File & How to File Claiming Toll Expenses If you pay tolls during qualifying business-related travel, you can deduct those tolls as business expenses on Schedule C of your 1040. This is not true if you depreciate your vehicle,...
Do you file 'exempt' on your W-4 form? Which taxes rules apply for a non-resident alien Wyoming/Delaware/Nevada LLC owner for an e-commerce drop shipping business? To qualify under the passive activity rental real estate exception, the taxpayer must (1) own at least 15 percent of the...