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Transitioned business from proprietorship to LLC – How to file taxes?

I transitioned my business mid 2007 to an LLC. Should I file taxes as two separate businesses? The first to include income and expenses as the sole proprietorship and the second to include income and expenses after becoming an LLC.

Or should I just include everything under the LLC?

It is a single owner LLC with its own Tax ID.
Also, I do not have any employees.

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4 Responses to “Transitioned business from proprietorship to LLC – How to file taxes?”

  1. Cedrick said :

    You are correct, keep each seperate for the time you had activity. If you are getting 1099-Misc make sure to correctly report it under the ssn or EIN

  2. taxmannyc said :

    You should file a single Schedule C with your personal return (1040). You should not use the separate tax ID# for the LLC unless you have employees. Your social security number should be used whenever you fill out Form W-9 for your business.

  3. Alita Shekey said :

    Hola! I’ve been reading your blog for a long time now and finally got the bravery to go ahead and give you a shout out from Huffman Texas! Just wanted to say keep up the good work!

  4. Quest said :

    You need new software every year tax laws chnage and the software only generates forms for that tax year anyway. The 5 efiles you are allowed are for the same year and is set up so that multiple family members in a single household can all file. Most of the turbo tax programs will include all schedules and forms that could go with a 1040 however, the interviews and help sections are more detailed with the more expensive versions like Home and Business. If you don’t run a business for youself and are not filing a Schedule C you really don’t need to spend the money on the Home and Business version. The Premier will offer the guidance you are looking for to complete your Schedule D.


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