qbteachmt
Level 15

@Carolina1900 

Your accountant is an idiot. The fact that you don't know why you got a refund, or if it is okay for the bad 1065 to stay, etc, also means you don't have anyone giving you good guidance. That means stop working with anyone you are already working with.

There is no such thing as Single Member partnership. Yet, the 1065 is a Partnership tax return. Your LLC is not a Partnership. A single member LLC means the LLC status, which is a State designation, is ignored for Federal purposes. That is why it is called Disregarded Entity.

You file a Sched C as part of the Form 1040 = your Personal taxes.

1120S is for S Corp. 1120 is for C Corp. Do Not File These unless you know you entity has incorporated, or has notified the IRS that the LLC wants ("elects") to be treated as an S Corp. And that means Payroll; that's because corporations are their own entities, and now you would be an Employee and payroll is required. This is one reason a single-member LLC typically does not want to be treated as a corporation, because they often can't afford steady, routine, regular payroll + employee benefit packages, when the income tends to be generated by the efforts of that owner and only as that owner brings in the business and gets paid.

"Because the bank for a house loan told me that I should file 1120 to save some money instead of schedule C but the accountant is telling me that He can’t do 1120 until the irs give me an authorization:/ so confused"

Stop listening to these people, and also don't pay attention to the barber or the neighbor. If you ask a hammer how to cut wood, it would tell you to keep hitting the tree. Not about using a saw.

"also if I filed the 1065 form for and was incorrect did I pay less or more taxes ?"

Who knows? Not even your accountant, apparently. But you Should Know; the forms are easy to read and review. Find a good friend that is successful in business and find out who they use for Business advice and tax preparation. There is nothing like having a guru available to you; and they are worth every penny.

Do you ever listed to the Dave Ramsey Show? He has a phrase he uses: You want someone with the heart of a Teacher.

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