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    1 Reply Latest reply on Mar 19, 2008 12:07 PM by dublincpa

    Tax filing for LLC

    varlay Newbie
      My wife and I have full time jobs and I am also a farmer, we typically file a joint tax return each year. My mother-in-law invest on the farm primarily for equipment and some operating expenses such as fuel, seed and fertilizer and I pay for everything else and do all the work . In 2007 I decided to create an LLC for the farm to minimize liability for my wife and I and for my mother-in-law. I am not sure if I should file a tax return for the LLC in addition to the joint return my wife and I do every year. The farm activity is fairly small and it does not generate much profit. Up to last year I have been filing our tax return by myself using electronic methods. This year I'll be using TurboTax Bussines 2007 to file.

      I would like some ideas on how to proceed for this year:

      Should I hire an accountant for the LLC?
      Since the farm activity is small, do I need to file a tax return for the LLC?

      Thanks for any advice, suggestions or ideas.

      Varlay
        • Re: Tax filing for LLC
          dublincpa Scout
          Did your mother-in-law lend you the money or did she purchase a stake in the LLC? Are you the sole operator of the farm or are you and your wife partners? In what state do you live? Is the farm in the state in which you live?

          Once I have these answers I can point you in the right direction.