Tax Question, K1?

[ndemge]

Myself and brother have LLC, will be a pretty simple return, first year in business.<br /><br />From this we create a " K1 " to do our own personal taxes....<br /><br />Want to do this ourselves, how do we create the K1?<br /><br />Should we be trying to do this on paper or buy some software? (will a turbotax type software generate a K1 for us?)<br /><br />H&R Wants $350 to file our LLC taxes, and that ain't gonna fly.

 

[KaGee]

Re: Tax Question, K1?

We let a CPA fill out our K-1's, then I file my own personal. <br /><br />Check out the PREMIERE version of TURBO TAX. It has a lot of business forms.

 

[jinx]

Re: Tax Question, K1?

We use TurboTax for Business every year to prepare our K-1's and do depreciation, etc for our LLC. <br /><br />Good Luck, and remember "garbage in, garbage out" when you do the books.<br /><br />Jinx

 

[ndemge]

Re: Tax Question, K1?

Thanks, I think I'll check out turbotax<br /><br />...this year was kinda "garbage in" for the books.... first year and all not keeping track quite as close as we should, but with seperate bank account from day 1, wont' be tooo hard to figure it all out..<br /><br />This year is a bit different. muuuuch better book keeping

 

[mellowyellow]

Re: Tax Question, K1?

just download the forms off IRS websight noel.<br />it's one of their easier forms IMO.

 

[ndemge]

Re: Tax Question, K1?

went look'n to no avail......

 

[mellowyellow]

Re: Tax Question, K1?

http://www.dor.mo.gov/tax/misc/forms/mobtc.pdf <br /><br />try local state economic development dept.

 

[wajajaja]

Re: Tax Question, K1?

SALES TAX DEDUCTION IS BACK FOR LONG FORM, ITS EITHER SALES TAX OR STATE TAX, YOUR CHOICE.

 

[jtexas]

Re: Tax Question, K1?

Schedule K-1 is part of the return for "pass-through" entities like partnerships (Form 1065) & "S" corporations (Form 1120S), which don't pay taxes themselves but must report their income & expenses to the IRS, and to the owners so they can include the activity on their own tax returns.<br /><br />Just type "LLC" in the search box on the home page of www.irs.gov and look for the faqs.<br /><br />$350 wouldn't be a bad price, but keep in mind that the preparer at H&R might have been flipping burgers six months ago. Unless you got some tricky transactions like oil & gas royalties or real estate or something turbo-tax can probably lead you through without a problem. <br /><br />good luck,<br />jtw