Tax Return Filing Deadline
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Question: How to file tax return for partnership/LLC?
We (3 of us lives in different states) started a new partnership/LLC company in Maryland in 2006 (one of us lives in Maryland). We had a few thousand dollar expenses (for equipments) but had no income nor any real business in 2006. We need some basic knowledge about filing the tax.
1. We do not have any accounting person. Do we need to hire one or it is pretty simple and we can do ourselves?
2. What software we can use?
3. When is the deadline for filing federal and state tax?
4. Any other suggestions?Thanks.
Answer: You should hire a tax professional to assist you instead of posting the questions here to save money.
Unfortunately, too many people commonly set up companies without knowing about the tax consequences of their actions.
Anyway…
You can prepare your own tax return IF you are comfortable with doing so.
Any tax software will do. Remember that it’s NOT necessarily the softwares fault. The software primarily summarizes and categories the amounts based on the user’s input. Garbage in, garbare out!
Which state is the business actually located in? Many people can register their business in ANY state but actually do business in another state. Many people incorporate in Delaware (since DE laws are more “liberal” than some other states) but they operate their businesses in other states.
An LLC can CHOOSE to file as a partnership or a corporation (i.e. Check the box rules). The type of entity will help determine many factors such as the filing deadline (Generally, most LLC’s file as a partnership).
EACH state has Different laws regarding LLC’s so you MUST be familiar with the laws of your state.
A tax professional can assist you. Better yet, if someone (i.e. your attorney) helped register your LLC papers, ask that attorney for tax advice! That’s what you paid for!
Columbia County issues tax reminder
Columbia County landowners wishing to claim their property tax payments on their 2009 federal tax returns might need to pay their bills by Thursday.
Tax return deadline : UK tax return deadlines
