August 30th, 2010 
admin income tax filing llc
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!
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.
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How do I file rental income in my business tax return?.
I own a rental property under my business name(an LLC) and receive rental income. Can I report this rental income under business income (Sch. C) or should I report rental income separately under Sch. E (Supplemental income/loss)?
For Federal tax purposes, an LLC is a disregarded entity. All income is reported on your individual tax return as if the LLC did not exist. Therefore rental income goes on Schedule E.
Your state probably treats LLCs differently. You'll have to consult with your state tax authorities or a local tax expert for the state treatment.
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