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Old 01-08-2017, 12:53 PM
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Question Business vs Personal

In the past few years I ran my small LLC business out of my house and filed my business taxes with my personal. In 2016 I leased a business location and now have many more expenses but haven't made any money as of yet. I moved to have a more professional appearance knowing I would likely lose money for the first 12-24 months. Should I file my business taxes jointly still or file separately? Pros and cons?



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Old 01-18-2017, 12:37 AM
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First year business returns

If you have a single member LLC, it will generally be reported on Sch. C of your individual income tax return. This presumes that you are not going back and trying to change it to an S or C corp or it is not a partnership. There are a number of things you have to consider in deciding which entity choice is appropriate. I suggest you hire a tax advisor to get everything set up correctly. Your first year business return is often the most important, given the decisions and elections that you have to consider.



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