Tax Question

[fishnugget]

Hey guys,

I have a tax filing question for anyone that might know the answer. I have my usual W2's and 1099's from various sources of income in 2008, however I have one situation that I don't know exactly how to handle.

In 2008, I formed an LLC with 2 friends. We made a little money, but in the end due to some legal issues that needed funding, the net total was $0. None of us ever actually earned any money. The one of us who was in charge of this sort of thing has filed the necessary quarterly taxes from the business standpoint. My question is, on my individual tax return for 2008, do I need to file anything in regards to the company? It seems pointless to need to file a form that says I owned a company but made no profit or loss, but i'd hate to overlook something that could get me in trouble later.

Thanks,

- fishnugget

 

[JohnnyM]

the llc should file a return (1065 I think) and provide each member with a K-1 showing their ownership interest in the profits and/or losses.

 

[fishnugget]

awesome, thank you.

one more - if I did some work as an independent contractor in late 2008, and was not paid until early 2009, in which year should i claim the income on my taxes? does it matter?

 

[OUEngineer]

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