should i file my business and personal income taxes seperately for the irs?
i had a regular job the first part of the year, so there are regular 1040ez taxes to be filed as usual. but also i started a small home based LLC late in the year. the business hasn't made much money yet, but there are already alot of materials, expenses, etc to write off for 2007.....i was told that my business was small enough to use the regular forms for income tax but i could use some advice......thanks!
Public Comments
- My parents did. I think you should too. So... Yes.
- you are liable for both,,so i would say yes... i know it would be to your benefit,,,however since your llc...i do not knowhow that would complicate yourself in the future when your business starts to grow,,,,it is good to keep them separate but if money is the issue at the present ,,i would file them as one....im a dba.soul proprietor for 13 years and i file only once...
- Definitely file them separately - check with a tax preparer.
- Do not use form 1040ez. Because you have stated a business in 2007 you need to do the following: File a form 1040 (Not a 1040 a or 1040ez) Do a schedule for your business income and expenses Do a form for self-employment tax Do you job and business income together, not separately for the IRS. Do it separately will only make you do a 1040x. This is an amended return to change or add any information for a already file IRS return.
