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Does anyone else have an LLC?

post #1 of 7
Thread Starter 
DH and I started one last year, and it's successful, but now I'm feeling a little overwhelmed about the financial end of things. We got a letter from the IRS about all the things LLCs need to do in our state, and yikes! How do you keep track of all this stuff?
thanks,
-e
post #2 of 7
I pay an accountant/tax specialist to do it for me. It's well worth the expense.
post #3 of 7
Yes, but I see you live in Cal, where I'm assuming things are a little more...complicated. We're in NV and it's incredibly simple. You can find a lot of info by googling, though. Are you just supposed to have a federal tax ID? Our bank applied for that for us when we opened a business account, that might be something to look into.
post #4 of 7
Yes, I have a fed. Tax id #.

It is complicated but the biggest reason for letting a professional do it is in case of an audit.
post #5 of 7
Thread Starter 
Thanks. Yes, we have the Fed tax ID (and a bunch of other stuff!). EV Lowi, I'm beginning to think that we might have to go that route. We have a meeting with our regular tax guy soon, so I'll sound him out about this.
thanks,
-e
post #6 of 7
It's pretty simple for us. All our tax stuff flows through to our personal taxes and DH handles those. My cousin works for H&R Block, so if we have any major questions, she usually has the answers.

So yeah, I agree with everyone else. Get professional advice. (And if you file your taxes online, there are programs that will walk you through the process.)
post #7 of 7
I have an LLC and run everything through a schedule C on my 1040. My situation is pretty straightforward for 2009 but won't be for 2010 (self-employed 401k, possible AMT, etc) so we will have a professional do them next year. So I agree with the others here, definitely consult a pro.
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