In 2008 my mother and I formed an LLC to try to turn our hobby into a business (jewelry making). We did not file anything last year as we were just getting started and didn't think we had much to deduct and certainly no profits.
We haven't made a profit this year either, but are wondering what we need to file for taxes. She lives in ND and I live in MN. I get very confused with tax jargon and could use some help determining how to go about filing. My understanding is that we file something in conjunction with our personal income taxes. Can anyone tell me which forms we need to use?
BizResearcher | Window Shopper |
1/26/2010 - 11:14 am
You may be able to each file a Schedule C with your personal income taxes, but check with an accountant to be sure. In what state did you register the business? The tax laws of that state may determine how you pay your state taxes.
mrhelpful | Contributor | 6/22/2010 - 3:55 pm
BizResearcher | Window Shopper | 1/26/2010 - 11:14 am
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