Filing Taxes Single
Question: In Minnesota can a husband and wife file taxes as a single member LLC?
In MN can a husband and wife file as a single-member LLC? I found that we can for our federal taxes if we use one schedule C and two self-employment tax forms, do you know if this is true?
Answer: If you formed an LLC, you cannot file two schedule Cs. You do NOT meet the rules for a “qualified joint venture.”
You MUST file a partnership form, issue yourself K-1s and use the k-1s to file the tax return.
From IRS website:
“A business owned and operated by the spouses through a limited liability company does not qualify for the election. Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election. See Rev. Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.”
http://www.irs.gov/businesses/small/article/0,,id=177376,00.html
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