New Business, schedule C?
rob
Member Posts: 1 Newcomer
New business, LLC this year.
1. Looks like I can just append schedule C onto my regular taxes.
2. Bought a laptop with a business account and that's 100% for business. I assume I put that in a depreciating expense or similar?
3. Any other thing I will need to do on this?
4. Additionally filed a BOR registration.
5. Do I need an ITIN?
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Answers
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Hello,
- If you are the only owner of the LLC, your business income and expenses will be reported on a Schedule C. You are correct. The Schedule C is included with your regular individual tax return since the information from this form is also represented on your Form 1040.
- Yes, if you purchase a laptop that is used for your business, you can deduct the cost of this from your business income.
- Within a FreeTaxUSA account, business expenses can be entered when going through the Schedule C section of the software if they qualify as labor expenses, administrative expenses, or operations expenses.
- In most cases, completing BOR registration involves assigning a business code for the line of business that you are in. When entering information about your Schedule C, a business code is required.
- An ITIN is a tax processing number issued by the IRS for individuals who are not eligible for an SSN (Social Security Number). If you are not eligible for an SSN, you will need to obtain and ITIN by submitting a Form W-7. The identification number for a business is an EIN (Employer Identification Number). This is used to identify a business entity for tax purposes. However, it is not always required. The most common reason for an LLC to need an EIN is if it has employees.
