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February 10, 2025
Question

My wife and I opened an LLC in 2024 and operated at 50/50%. Should we enter revenue & expenses individually or combined?

  • February 10, 2025
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    February 10, 2025

    If you are not in a community property state, you will have to file a Partnership (1065) return.  If you are in a community property state, you can choose to treat it as a disregarded entity and file two Schedule Cs to report the income and expenses separately.