We have not filed any forms such as 8832 with IRS so far.
The following are the questions: 1: What forms do I file for LLC? From turbo tax site, it appears that we need to file 1065 for LLC 2: Since we have lost money in year 2006. Probably there is no tax that we have to pay. However, can be use this loss as deduction for our personal tax filing (in 1040)? 3: If the LLC filing and personal filing (1040) are independent, where is the connection made? In other words, if there is a loss how is it carried to 1040? 4: If the loss is not carried to personal filing, is it offset by only future LLC profit? 5: Finally, what software would you recommend? For last five years, I have used Taxcut. I have used quickbooks for accounting for LLC. If Turbotax is recommended, would I need separate programs for LLC and personal filing or it comes in one package? Thanks. VBP
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