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Old 01-08-2012, 04:19 PM
 
32 posts, read 148,248 times
Reputation: 20

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I have a single member llc and EIN.
I have a few contractors on 1099 for 2011.

When I issue the 1099, is the payer federal identification number my ein?
Do you I need to file 2 returns, one with my ssn and one with ein?

I think last year my return used my ssn and I filed a schedule c.
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Old 01-08-2012, 06:53 PM
 
Location: Great Plains
25,583 posts, read 31,840,513 times
Reputation: 22713
Quote:
Originally Posted by jrockfl View Post
I have a single member llc and EIN.
I have a few contractors on 1099 for 2011.

When I issue the 1099, is the payer federal identification number my ein?
Do you I need to file 2 returns, one with my ssn and one with ein?

I think last year my return used my ssn and I filed a schedule c.
Honestly, a CPA could give you the best answers on all these questions.
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Old 01-09-2012, 07:38 AM
 
Location: Northern MN
3,869 posts, read 13,099,463 times
Reputation: 3568
Quote:
Originally Posted by jrockfl View Post
I have a single member llc and EIN.
I have a few contractors on 1099 for 2011.

When I issue the 1099, is the payer federal identification number my ein?
Do you I need to file 2 returns, one with my ssn and one with ein?

I think last year my return used my ssn and I filed a schedule c.
Just one, The EIN replaced your S.S.# as your identifier.

Yes, your EIN (employer Identification number )is your federal identification number.
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Old 01-13-2012, 12:57 PM
 
Location: NC
6,032 posts, read 7,563,955 times
Reputation: 6351
yes just one....

Is this a single member llc filing as an S Corporation? Or are you running it through your schedule c on your 1040?
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Old 01-13-2012, 01:06 PM
 
32 posts, read 148,248 times
Reputation: 20
it is a schedule c on my 1040. I decided to consult with a cpa. after i start making some more money, he has recommended to be taxed as s corp.
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Old 01-22-2012, 09:23 PM
 
70 posts, read 166,954 times
Reputation: 39
Quote:
Originally Posted by jrockfl View Post
it is a schedule c on my 1040. I decided to consult with a cpa. after i start making some more money, he has recommended to be taxed as s corp.
To mitigate self employment taxes?
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Old 01-23-2012, 06:55 AM
 
Location: NC
6,032 posts, read 7,563,955 times
Reputation: 6351
Quote:
Originally Posted by jrockfl View Post
it is a schedule c on my 1040. I decided to consult with a cpa. after i start making some more money, he has recommended to be taxed as s corp.
Just remember that once you file as an S corporation, losses if any are only deductible up to your accumulated investments account level on the balance sheet portion of your 1120 S. Used to have several clients with this issue who would have to do year end loans to the S corp to make the losses deductible.
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