USA Personal taxes when you have an LLC

Joined
Mar 7, 2023
Messages
3
Reaction score
0
Country
United States
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

VIP Member
Joined
Dec 19, 2020
Messages
317
Reaction score
43
Country
United States
Yes. Your business income that needs to get reported on your personal tax return.
 
Joined
Mar 7, 2023
Messages
3
Reaction score
0
Country
United States
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

VIP Member
Joined
Dec 19, 2020
Messages
317
Reaction score
43
Country
United States
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?
 
Joined
Mar 7, 2023
Messages
3
Reaction score
0
Country
United States
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!
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,756
Messages
27,803
Members
21,757
Latest member
K.SAT

Latest Threads

Top