I have two questions. I have two LLC?s where my wife and I are both equal partners. I only have them set up for something potential down the road but since we formed them... three years ago, there?s no money going in or out. My accountant has filed for both of them the last two years and charges a great deal for them. I?ve been told by others I don?t need to file Them at all. Thoughts?=======>>> in general, An LLC files f1065, an informational partnership tax return. However, if it did not receive any income during the year AND did not have any expenses that it will claim as deductions, then it is not required to file a return. But it varies state to state; basically, as we can see, an inactive biz is a biz that still exists but it has no activity, no biz transactions during a specific year. If a biz has transactions , say, pays expenses, pays salaies, writes checks, uses a debit/credit card, buys equipment or supplies, for example it is not inactive.in this case, you still need to file form 1065for the MMLLCs. The question of how to file taxes for an LLC with no income comes up often and filing requirements will vary by state. assid, but generally, LLCs that elected to be taxed as a general partnership doesn?t have to file a tax return with the IRS. Some states will require a partnership to file a tax return,doesforvexample, in the case of CA state, If an LLC elects to be treated as a partnership for tax purposes, and if the business did not generate any income during the taxable year, it is generally not necessary to file a tax return.so the best way is to contact the dept of revenue of your home state for more accurate answer.
And secondly, I?m not a wealthy man, but I printed out the same two forms as my accountant has used last year... I believe it?s a 1065 with a K-1. Can I file these on my own and save a chunk of money? And then provide my accountant with the... K-1 for my personal taxes? I just hate spending the kind of money I don?t have for a form that?s 99% blank and the rest zeroes. I?m just looking out for myself and thought a forum like this would help me better understand===>you may File a Form 1065 to fill in all zeroes for revenues and expenses.
If you had some business expenses (, maybe you paid a bank account costs oretc and incurred some fees, etc.), then record those.
You?ll show a loss, which will then act as a deduction on your 1040, reducing your personal taxes.
once you file your 1065, then you do not need to give the copies to the accountant you just send the copies of 1065/sch k1s of 1065 to irs and home state. Even though a MMLLC does not pay its own income taxes, it must file Form 1065 with the IRS. The form 1065, is an informational return that the IRS reviews to make sure that LLC members are reporting their income correctly. The LLC must also provide each LLC member with a Sch K-1, which breaks down each member's share of the LLC's profits and losses. In turn, each LLC member reports this profit and loss information on his or her individual Form 1040, with Sch E attached.