How to file for a new LLC that has paid independent contractors

LV2tap
LV2tap Member Posts: 1 Newcomer
in Filing my taxes

Hi there! I started an LLC this year, which made around $11K, and half of that money was used to pay other contractors for the LLC. I collected w9's, but have not sent out 1099's. What do I do for filing?!

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  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 340

    If you are a single owner LLC, then you can file the Schedule C with your personal tax return (form 1040) to report your LLC income and expenses.

    However, FreeTaxUSA does NOT have a way to send 1099-MISC forms to your contractors. I recommend that you find an online service to e-file and have the 1099s sent out.

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  • MARC2311
    MARC2311 Member Posts: 3 Newcomer
    edited June 3

    i need help i have bought from many crypto company .6 of them they do not want to givem=e help to open my past account. so the olny way is to sened them all a taxes form to let then konow busines

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  • MARC2311
    MARC2311 Member Posts: 3 Newcomer

    what foem do i send so that can be audited for my money

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  • KristineS
    KristineS FreeTaxUSA Agent Posts: 177
    https://community.freetaxusa.com/discussion/comment/2100#Comment_2100

    Hi MARC2311,

    Where you report the income from cryptocurrency depends on how you received it.

    Investment: Your Stocks or Investments Sold under INCOME > COMMON INCOME > STOCKS OR INVESTMENTS SOLD

    Mining: Your Business Income (Schedule C) under INCOME > BUSINESS INCOME

    Mining as a Hobby: Other Sources of Income under INCOME > UNCOMMON INCOME > OTHER INCOME

    Wages: Your Wages (Form W-2) under INCOME > COMMON INCOME

    Enter your cryptocurrency investment information on the Stock or Investment Sale Information screen. Entering crypto investment sales will generate Schedule D on your tax return.

    If you weren't provided a Form 1099-B, you can either:

    • Use your crypto transaction history from your wallet or exchange to enter your sales.
    • OR
    • Use a crypto tax service to generate a Form 8949 of your crypto transactions. You can then enter the sales from your Form 8949 into our software.

    If you choose to report a summary of your transactions, you can send the Form 8949 your crypto tax service created as your summary statement. With the summary option, you'll enter your total long-term sales and short-term sales from your crypto 8949. The IRS requires a summary statement for any investment that wasn't reported on a Form 1099-B.

    If you don't have very many crypto transactions on your crypto 8949 and would like to enter the sales individually, we support that. Choose to enter your sales "one at a time" and enter each row of your crypto 8949 as a separate sale.

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