Tax Question

[Mountain View 14]

Elite Powerwash is an LLC which made a loss in 2006. I'm confused about the Schedule K-1 IRS form. It mentions that it's to be used for uincorporated partnerships and S corps. Elite is neither. Do I need to use this form or stick with the Sched C form? Because we didn't do much business (ie, no profit) this year, do I need to use an accountant. If so, how much do you folks pay for yours and what should I look for?

[mas3372 14]

My accountant used a Schedule C, This was my first year and I was able to show a loss. I have a LLC as well if that helps. I used to be one for doing my taxes myself. But the $100 for a professional to do it is well worth it. Not to mention I always do better.

Kinda like powerwashing. You can do it yourself over a whole weekend and it looks O.K. or have a professional do it and save time and get a better return. Just my 2 cents.

[Don M. 14]

Let the accountant do it. I've got enough going working on my business.

[Deck Guy 14]

It's hard to eat the expense of a professional accountant when you are already showing a loss, but a good one will save you more than he costs. I pay under $200 for a federal and two state returns from my CPA.

[Paul Kassander 26]

I agree with Mike, if you are not well versed in tax law hire an accountant. the day to day accounting is one thing but when it comes to taxes hire a professional, not only will they "find" more stuff to save you money but they can keep you from raising flags for an audit.

[PressurePros 248]

Start up businesses can show a loss for 4-5 years.