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Self Employed Taxes (1065) Need Help

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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...
    Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

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  • #2
    Your business structure is a partnership? What is it you want to know?
    Foolish

    "We have met the enemy and he is us."-POGO.

    "I have great faith in fools; self-confidence my friends call it."~Edgar Allan Poe

    "Dream big, you might never wake up!"- Snoop Dogg

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    • #3
      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?
      Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

      My Myspace


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      • #4
        Where would I report the investment? As capitol in section L?
        Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

        My Myspace


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        • #5
          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.
          Copy and paste this message to the bottom of your signature.

          Thanks!

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          • #6
            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.
            Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

            My Myspace


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            • #7
              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, 04:22 PM.
              Foolish

              "We have met the enemy and he is us."-POGO.

              "I have great faith in fools; self-confidence my friends call it."~Edgar Allan Poe

              "Dream big, you might never wake up!"- Snoop Dogg

              Comment


              • #8
                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.
                Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

                My Myspace


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                • #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.

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                  • #10
                    Thanks.
                    Say what you mean and mean what you say because those who mind dont matter and those who matter dont mind.

                    My Myspace


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                    • #11
                      To see if the Home and Business one is sufficient go here
                      http://turbotax.intuit.com/

                      You can start your return online for free, and see if it works for you.

                      It looks like you can work up to the point of printing or filing, so you should be able to see if it will do the trick before you buy it.
                      T7-8 since Feb 2005

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