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Video instructions and help with filling out and completing Are Form 1065 Schedule M 3 Dont

Instructions and Help about Are Form 1065 Schedule M 3 Dont

I hey, they're party people! Jim Hart back out here today again from Hawthorne Law with another amazing crazy video. Today, I want to answer another user question. Today's question is, "Can you do a video on how to file federal taxes as a single-member LLC?" So, make sure you stay tuned to the end of the video today because I have a special surprise in store for you – something I haven't done in a while. If you've been listening to this in October of 2018, I'm going to talk about the special surprise here at the end. It's a really important question. It's a simple question, but it's a hard question at the same time. If you're a single-member LLC, the way you're going to file your taxes is you're going to include all your business income and losses on your Schedule C, which gets attached to your 1040. So, it's actually fairly straightforward and easy. The hard part about this is you need to make sure that during the course of the year, you're keeping track of all your business income and expenses so that you can include that information on your Schedule C. You're going to know how much money you made, and you're going to need to know how much you paid in business expenses. These expenses could be anything from rent to software or a computer you purchased for the business. I know most people use their computers for business and personal, so you're going to need to talk to an accountant about how to figure out how much you can deduct for your business. But, that would be a business expense. If you went out and met with potential clients, referral sources, and people like that, those are all expenses that you're going...