USA Personal taxes when you have an LLC

[NoahD]

Hi. I have a sole proprietor LLC (in Indiana) that has completed it's first year. I'm approaching retirement so it's not a big money-maker, just a small, seasonal business that earns about 5-6K a year.

I have an account who prepares my business taxes but, to save myself money, I have someone else who can help me prepare my personal taxes. So, my question is, do I need to wait for the accountant to finish preparing the business taxes before I can start on my personal taxes? If so, what is it that I need to wait for?

Thanks in advance.

 

[BIG E]

Yes. Your business income that needs to get reported on your personal tax return.

 

[NoahD]

Yes. Your business income that needs to get reported on your personal tax return.

Okay. One more question, please. I kept track of the expenditures and earnings - all the yearly bookkeeping - and sent it over to my accountant at the first of the year. But, just to make sure I understand, I still need to wait for him to finish rather than using any of my totals, correct?

And, I apologize for my ignorance. My late sister used to take care of my taxes so I trying to learn all the lingo and basics. I appreciate your help. Thanks.

 

[BIG E]

Yes - because your business accountant knows how to record and treat business income and expenses where you may not.
Why else would you use him?
Not being an accountant - would you know how to depreciate various classes of fixed assets, or know the difference between
cash vs accrual accounting?

 

[NoahD]

Yes - because your business accountant knows how to record and treat business income and expenses where you may not.
Why else would you use him?
Not being an accountant - would you know how to depreciate various classes of fixed assets, or know the difference between
cash vs accrual accounting?

I understand. Thanks so much!