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Thread: Self Employed Taxes (1065) Need Help

  1. #1
    Senior Member GoTWHeeLs's Avatar
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    Self Employed Taxes (1065) Need Help

    Wow, reading through the instructions and forms is like reading another language. Does anyone have any knowledge of this form that might be able to simplify it? I'm awaiting a call from SCORE to set an appointment but that could be awhile...
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    Senior Member Foolish Old's Avatar
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    Your business structure is a partnership? What is it you want to know?
    Foolish

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    Senior Member GoTWHeeLs's Avatar
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    Appreciate the quick response. Yes, it is a partnership, LLC. We have minimal earnings compared to our losses but I am unsure of how to report the losses.

    As far as deductions, is our initial investment a deduction? Section M-1 is for foreign companies? What is the penalty if this is filed incorrectly?
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  4. #4
    Senior Member GoTWHeeLs's Avatar
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    Where would I report the investment? As capitol in section L?
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  5. #5
    Senior Member rdf's Avatar
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    GotWheels, it sounds like it's your first time. To be safe, if you can afford 130 bucks, try:

    http://turbotax.intuit.com/small-business-taxes

    Who does the books for your business?
    Please donate a dollar a day at http://justadollarplease.org.
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    Thanks!

  6. #6
    Senior Member GoTWHeeLs's Avatar
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    As of now we keep our own books, meaning we log all purchases/sales/inventory/labor. Unfortunately, as lame as this sounds $130 is out of reach.
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  7. #7
    Senior Member Foolish Old's Avatar
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    Quote Originally Posted by rdf View Post
    GotWheels, it sounds like it's your first time. To be safe, if you can afford 130 bucks, try:

    http://turbotax.intuit.com/small-business-taxes

    Who does the books for your business?
    Second this recommendation unless one of the partners is good with accounting or you use a professional accountant. It really isn't that hard, and Turbotax can walk you through it.

    ETA - $130 out of reach? Guess you better wait for SCORE or slog on through the directions and guidance available at IRS.GOV. I don't think you are likely to get the kind of time you probably require for less than the cost of a cheap software package.
    Last edited by Foolish Old; 03-23-2010 at 04:22 PM.
    Foolish

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  8. #8
    Senior Member GoTWHeeLs's Avatar
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    I was afraid this would be the situation. It's unfortunate to have to pay to file through someone because of the complicated format and wording when we're still in the red...

    $130, lol, to some of us poor folk that's major bucks. Could pay a bill...

    Thanks guys for the info.
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  9. #9
    Turbotax business is at Sams Club for $89.88 if that helps some.
    Amazon - business is $92.09 downloadable.

    I don't know if Turbotax Home and Business would work - it's less - $69.54 on Amazon.

  10. #10
    Senior Member GoTWHeeLs's Avatar
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    Thanks.
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