One of the main advantages of an ¨LLC¨, especially for new businesses, is taht it allows you to file taxes along with your personal return using Form 1040 and Schedule C for self'-employment income. This means you don´t need to file a separate return for the ¨LLC¨, wich saves time and money.

The flexibility of an ¨LLC¨also lies in that as your business grows, you may choose to file taxes as an S-Corp using Form 1120S, wich can be advantageous when your business starts generating more revenue and having employees. This change may require filing Form 2553 so that the IRS can correctly classify how you want to report your taxes.

An ¨LLC¨is also useful for property owners who want to rent out their properties. in this case, income is reported on a Schedule E within 1040. This avoids the need to file multiple tax returns.

PERSONAL INFORMATION:

1. Social Security Number o ITIN: for you, your spouse (if aplicable), and your dependents.

2. Valid ID: Pasport or driver´s license.

3. Marital Status: Define whether you will file as single, married, head of household, etc.

INGRESOS:

1. Forms W-2: Report of income and withholdings from your employers.

2. Forms 1099: As applicable (1099NEC-1099K-1099 int - 1099 B - 1099 K, etc).

3. Form K1: If your ¨LLC¨ is classified as a partnership

4. Bank Statements.

EXPENSES DEDUCTIONS:

1. Business expenses: Purchase receipts and invoices, Bank and credit card Statements, Mileage or transportation expense logs, home office expenses, if applicable, others.

2. Mortgage interest and students loans: Forms 1098

3. Educational expenses: Forms 1098-T for tuiton and 1098-E for student loan interest.