Posted on Wednesday, 22nd April 2009 by admin
Business Directory
I transitioned my business mid 2007 to an LLC. Should I file taxes as two separate businesses? The first to include income and expenses as the sole proprietorship and the second to include income and expenses after becoming an LLC.
I transitioned my business mid 2007 to an LLC. Should I file taxes as two separate businesses? The first to include income and expenses as the sole proprietorship and the second to include income and expenses after becoming an LLC.
Or should I just include everything under the LLC?
Thanks!
It is a single owner LLC with its own Tax ID.
Also, I do not have any employees.
Dolphin Hosting
Tags: How To File Taxes, Sole Proprietorship, Tax Id
Posted in 814 | Comments (2)
April 25th, 2009 at 1:21 pm
You are correct, keep each seperate for the time you had activity. If you are getting 1099-Misc make sure to correctly report it under the ssn or EIN
April 26th, 2009 at 8:41 pm
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You should file a single Schedule C with your personal return (1040). You should not use the separate tax ID# for the LLC unless you have employees. Your social security number should be used whenever you fill out Form W-9 for your business.