LLC Tax Extension - Posted by Ryan (NC)

import · April 14, 2006, 2:53pm

Posted by Sailor on April 14, 2006 at 17:17:14:

So how many Lonnie dealers does it take to file an extension? I count 4 so far! Ryan, I thought you were asking about NC, but on re-reading your post I see that you didn’t specify. Anyway, between all of us, I think you’ve got what you need now–

Tye

import · April 14, 2006, 2:53pm

LLC Tax Extension - Posted by Ryan (NC)

Posted by Ryan (NC) on April 14, 2006 at 14:53:09:

Need a hand here folks, I’m in the process of filing for an extension and figuring out exactly how deep Uncle Sam is going to dig in to my wallet. I can’t seem to comprehend how the LLC is going to work with all of this, do I file just a personal extension or is there a separate form I need for the LLC? (pretty sure there is)

Thank for the help!

Ryan Needler (who’s currently wanting to hide his checkbook)

import · April 14, 2006, 9:00pm

Thanks Guys & Gals - Posted by Ryan (NC)

Posted by Ryan (NC) on April 14, 2006 at 21:00:59:

Seeing as the IRS is about as clear as mud this helps a lot! John Hyre and a CPA are part of the game plan but I didn’t realize that it would make as big of a difference til I sat down to tackle this monster.

Best wishes,
Ryan Needler

import · April 14, 2006, 7:54pm

Re: LLC Tax Extension - Posted by Bruce Berger

Posted by Bruce Berger on April 14, 2006 at 19:54:37:

Ryan: Since the LLC has to file a return you need to file an extension. It is a flow through entity so you don’t send in any $$. If you aren’t ready to file your personal 1040 then file an extension for that too. Effective this year, the IRS droppped the Aug. 15 extension date so now we only have one extension date and that’s still Oct.I would strongly urge you to get with John Hyer since you are doing lease options,partials, LDs and other creative buying.As a full time REI you can take advantage of many deductions now.However, you must be careful to pay your quarterlies, and other taxes on your business.Make sure your entities are pure for both purpose and commingling. Also, file your NC extensions as well.

import · April 14, 2006, 3:56pm

Re: LLC Tax Extension - Posted by Anne_ND

Posted by Anne_ND on April 14, 2006 at 15:56:58:

Ryan,

I’m on thin ice here because I just tell my CPA to file extensions for everything, but my best guess is that since the LLC doesn’t file taxes, it also doesn’t need to file an extension.

I’m sure someone more tuned in will respond.

Anne

import · April 15, 2006, 3:54pm

Re: Thanks Guys & Gals - Posted by Sailor

Posted by Sailor on April 15, 2006 at 15:54:55:

Lin is a good resource on this, as she (1) is very sharp & (2) follows Hyre.

Tye

import · April 15, 2006, 7:54am

Re: Thanks Guys & Gals - Posted by bruce berger

Posted by bruce berger on April 15, 2006 at 07:54:53:

Ryan: No need to hire BOTH a CPA and John.John can cover all the bases incl. tax return prep. and filing.His knowledge of REI far surpassses that of most CPAs.Also check out Dianne Kennedy however she is not “hands on” like John.

import · April 14, 2006, 8:41pm

Re: LLC Tax Extension - Posted by Sailor

Posted by Sailor on April 14, 2006 at 20:41:33:

Bruce, if I have a new (2005) LLC w/no income, do I still need to file a return for that? TIA, & glad to see ya!

Tye

import · April 14, 2006, 4:36pm

Re: LLC Tax Extension - Posted by Sailor

Posted by Sailor on April 14, 2006 at 16:36:40:

Ryan, the form you need for LLC extension is CD-419, which I think can be filled out online. You’ll find it at: http://www.dor.state.nc.us/downloads/corporate.html

To file an individual extension, you need form D-210, which is available to fill-out online at: http://www.dor.state.nc.us/downloads/individual.html

Tye

import · April 15, 2006, 10:38am

Re: Thanks Guys & Gals - Posted by Grunt

Posted by Grunt on April 15, 2006 at 10:38:57:

except for the fact that John is mostly unavailable due to his career as a RE guru - he is sharp, but his client load is pretty full (if not overbooked), and one cannot get calls returned, or questions answered,
etc etc

if only . . .

import · April 15, 2006, 7:57am

Re: LLC Tax Extension - Posted by bruce berger

Posted by bruce berger on April 15, 2006 at 07:57:40:

Tye: Although not a CPA or acct. it is my understanding that once you get an EIN# from IRS, even tho no income, you have to file in that year.Been told that by a CPA.

import · April 14, 2006, 5:09pm

thats for STATE taxes - Posted by Steve-WA

Posted by Steve-WA on April 14, 2006 at 17:09:16:

those are NC websites - this wont get you on FEDERAL income tax extension

go to IRS.gov, and click the top most-requested form - its a 4868 - and wrassle through e-file, or print it, fill it out, write a check, and mail it tomorrow.

And Ann is right - kind of - the LLC will flow through to you, so you will need to file a PERSONAL extension.

I think.

import · April 14, 2006, 4:41pm

oops - Posted by Anne_ND

Posted by Anne_ND on April 14, 2006 at 16:41:38:

Thanks Tye, I guess I should have resisted the urge to answer.

Anne

import · April 15, 2006, 8:08am

Re: LLC Tax Extension - Posted by Anne_ND

Posted by Anne_ND on April 15, 2006 at 08:08:39:

Bruce,

This is new to me, my CPA has not filed anything federal for my LLC in the last 3 years. It all just passes through to my personal filing. And believe me, if he could find a way to charge me for an extra filing he would.

I’ll check back with him after Monday.

Anne